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Summary | Profile

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
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

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

26 Sep 23
Romania: Nordex receives order from Romania for almost 30 MW
The Nordex Group has received an order from Romania for the supply and installation of five N149/5.X turbines. The wind farm is being built in the south-east of the country.
04 Aug 23
Romania/Germany: Saipem awarded two new E&C offshore contracts in Romania and in Germany with a total value of around 1.8 billion euro
Saipem has been awarded two new contracts for E&C offshore activities in Europe, specifically in Romania and in Germany, with a total value of approx. 1.8 billion euro. The contacts are for the Neptun Deep Gas Development Project located in the Black Sea, Romania and for pipelaying of the 'Ostsee Anbindungsleitung', in the Pomeranian Bay in north-eastern Germany.
29 Jun 23
Romania: OMV Petrom signs agreement for the purchase of several photovoltaic parks in Romania
OMV Petrom, the largest integrated energy company in Southeast Europe, has signed an agreement for the purchase of several projects for the construction of photovoltaic parks in Teleorman county. The projects are being developed by the Danish developer Jantzen Renewables.
21 Jun 23
Romania: OMV announces final investment decision taken by OMV Petrom for natural gas deep-water project Neptun Deep
OMV announces the final investment decision taken by OMV Petrom. OMV Group holds a 51% interest in OMV Petrom. The Neptun Deep project will be co-developed with Romgaz, the largest producer and main supplier of natural gas in Romania, under OMV Petrom’s operatorship. Both companies approved the development plan for two natural gas fields, Domino and Pelican South, located in the Neptun Deep offshore block.
14 Jun 23
Romania: OMV Petrom discovers new crude oil and natural gas resources in Romania
OMV Petrom, the largest integrated energy company in Southeast Europe, has announced the discovery of new crude oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania. Cumulatively, the discovered deposits hold over 30 million boe of recoverable resources, equivalent to around three quarters of OMV Petrom’s 2022 production.

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