Europe / Caspian / CIS
Country profile: Romania
Location: | Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine |
Climate: | temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms |
Terrain: | central Transylvanian Basin is separated from the Plain of Moldavia on the east by the Carpathian Mountains and separated from the Walachian Plain on the south by the Transylvanian Alps |
Size: | 237500 sq. km total (Land area: 230340 sq. km Water area: 7160 sq.km) |
Population: | 22,246,862 (July 2008 est.) |
Languages: | Romanian 91% (official), Hungarian 6.7%, Romany (Gypsy) 1.1%, other 1.2% |
Government: | republic |
Capital city: | Bucharest |
Legal system: | based on civil law system; has not accepted compulsory ICJ jurisdiction |
Currency: | "new" leu (RON) was introduced in 2005; "old" leu |
Licensing: |
Country profile
The countries of Southeastern Europe--Romania, Bulgaria, and Moldova-- have had problems transitioning from centrally-planned economies to a market-based economies. Both Bulgaria and Romania were significantly affected by the economic embargo placed on Yugoslavia in the 1990s, suffering billions of dollars in GDP losses due to disrupted trade, transport, and investment. While Moldova was less affected economically by the wars in the former Yugoslavia, its own civil war began soon after its independence, paralyzing the country's already stagnant economy. Armed conflict has subsided, but Russian settlers and Moldovans on the left bank of the Dnistr River still maintain the secessionist Transdnistrian Republic, created when the fighting reached a stalemate.
Both Romania and Bulgaria joined the North Atlantic Treaty Organization (NATO) in March 2004 and aspire to membership in the European Union (EU). Romania concluded energy negotiations necessary for EU membership in June 2004, and in October 2004, the European Commission (EC) designated Romania a “functioning market economy,” another prerequisite for EU membership. In February 2005, Bulgaria announced that its energy sector was 66 percent privatized in accordance with EU directives. Both Romania and Bulgaria are working with the International Monetary Fund (IMF) to bolster their economies, showing solid real gross domestic product (GDP) growth rates in 2005 of 4.1 percent in Romania and 5.5 percent in Bulgaria. Unlike Romania and Bulgaria, Moldova is not currently being offered EU membership and has only received an Action Plan within the European Neighborhood Policy (ENP).
Implementation of the EU-Moldova Plan will require a modernization of the economy and a more welcoming environment for investment and business. Since privatization was initiated in 2000, Moldova’s GDP has continued to increase, with GDP growth of 7.1 percent in 2005. Despite the rapid growth of recent years, Moldova remains one of the poorest countries in Europe.
Energy production and consumption
Oil | Gas | |
Production: | 122,700 bbl/day (2005 est.) | 12 billion cu m (2007) |
Consumption: | 236,000 bbl/day (2005 est.) | 17 billion cu m (2007) |
Exports: | 92,510 bbl/day (2005 est.) | |
Imports: | 181,100 bbl/day (2005 est.) | 4 billion cu m (2007) |
Reserves: | 955 million bbl (1 January 2006 est.) | 96 billion cu m (1 January 2006 est.) |
Major fields: |
Romania - recent news
03 Jul 25 |
Romania: OMV Petrom has made a new natural gas discovery in Spineni, near Craiova OMV Petrom, the largest integrated energy producer in Southeastern Europe, has announced the discovery of a new natural gas reservoir in Spineni, located around 70 km north-east of Craiova. Well tests proved a production potential of 1,300 boe/day from the discovery well. |
01 Jul 25 |
Romania: Vestas strengthens its market leadership in Romania with new 143 MW order Danish renewable energy producer Eurowind Energy has placed a 143 MW order for Frumusita, Vector and Pecineaga Northeast wind parks, located in Romania. The contract includes the supply and installation of 23 V162-6.2 MW wind turbines from the EnVentus platform. |
13 Mar 25 |
Romania: Copenhagen Infrastructure Partners secures CfD contract for onshore wind farm in Romania Copenhagen Infrastructure Partners (CIP) has announced that Radramo Power, the company holding the rights to the ~400MW Pestera II onshore wind project, has entered into a binding Contract for Difference (CfD) for 245MW of its capacity. Earlier in 2024, the Growth Markets Fund II (GMF II), a fund managed by CIP, agreed to acquire the project from its original developers subject to fulfilment of certain customary conditions. |
06 Mar 25 |
Romania: Expro boosts Romanian growth with $10 million USD+ contracts for the Neptun Deep gas project in the Black Sea Expro, a leading provider of energy services, has been awarded major contracts from OMV Petrom totalling more than $10 million USD for the Neptun Deep gas project in the Black Sea. |
28 Jan 25 |
Romania: Soiltech awarded contract with OMV Petrom Soiltech has been awarded a contract by OMV Petrom to provide cuttings containment and transfer equipment and related services to the Neptun Deep project. Neptun Deep is the largest natural gas project in the Romanian Black Sea. |
Romania - more news
Other countries in this region
- Afghanistan,
- Albania,
- Armenia,
- Austria,
- Azerbaijan,
- Belarus,
- Belgium,
- Bosnia and Herzegovina,
- Bulgaria,
- Croatia,
- Cyprus,
- Czech Republic,
- Denmark,
- Estonia,
- Faroe Islands,
- Finland,
- France,
- Georgia,
- Germany,
- Greece,
- Greenland,
- Hungary,
- Iceland,
- Ireland,
- Italy,
- Kazakhstan,
- Kyrgyzstan,
- Latvia,
- Lithuania,
- Luxembourg,
- Malta,
- Moldova,
- Montenegro,
- Netherlands,
- Norway,
- Poland,
- Portugal,
- Russia,
- Serbia,
- Slovakia,
- Slovenia,
- Spain,
- Sweden,
- Switzerland,
- Tajikistan,
- Tatarstan,
- Turkey,
- Turkmenistan,
- Ukraine,
- United Kingdom,
- Uzbekistan