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Fin Min Says Petrom Prices Question Co’s Strategy, Which Extracts Oil From Romania

The constant growth of oil prices and the situation in Romania, the only country with crude-oil resources in the European Union, questions Petrom’s strategy, which cannot continue like this, Economy and Finance Minister Varujan Vosganian said.
Fin Min Says Petrom Prices Question Co’s Strategy, Which Extracts Oil From Romania
21 mai 2008, 12:42, English

"I believe that Petrom realizes that it cannot go forever with this strategy, especially that it administers the entire source of oil in the country. I left them a message and I hope they understand that we have oil which should assure us a certain degree of energy security," Vosganian said Tuesday in Pitesti.

The minister announced recently that the representatives of the Economy and Finance Ministry would talk with the producers and fuel traders regarding price rises.

Since the beginning of the year, Petrom, owned by Austria’s OMV, has hiked fuel prices nine times. Fuel prices have grown by 10-12% since the beginning of the year.