Studying the European energy dependence map and checking the oil and gas resources of the European countries, we can find that Romania is an extremely powerful country. At the same time, we know that Romania is one of the poorest countries in the region and Romanians are paying the same or even higher prices for the energy resources owned by their own country. Why?

Energy Dependence in Europe


Romania has the second largest proven oil reserves in EU (approximately 600 million barrels, which means approximately 70 million tons; 1 barrel = 0.12 tons)

Wikipedia: Proven oil reserves

and it is a top oil producer from EU

Wikipedia: List of countries by oil production

with an approximated production of 5 million tons / year

Internal production / import rate of the oil and gas

The yearly oil consumption of Romania is 10-12 million tons / year and more than half it is imported, however Romanian refineries have higher capacities than the total quantity.

Wikipedia: Petrochemical industry in Romania


Romania has the third largest proven natural gas reserves in EU

Wikipedia: List of countries by natural gas reserves

with approximately 600 billion cubic meters

Wikipedia: Natural gas in Romania

and a yearly production of gas of 10 billion cubic meters.

Romanian Oil and Gas production

The majority (80 – 90%) of the consumed gas in Romania is produced locally.


In 2004, probably as a condition of entering the EU (2007), Romanian estate oil company, Petrom, which owned that time the full oil resources and partially the gas resources of the country, has been sold as a bargain to OMV Austria. After that Austrians continued to increase the price of the oil and in a few years, the price of the gasoline at the gas stations has been doubled.

Gasoline and Diesel prices evolution

Later (between 2008 – 2016), even if the reference Brent oil price has decreased with almost 50%, Romanians and Europeans have had to pay the same high price for fuel (gasoline and diesel) as before. Today it’s price is almost 6 RON / litre, which means 1,25 EUR / litre.

Brent Oil Price Evolution

Fuel prices around Europe today are the next:

Gasoline Prices in EU

There are almost no differences between prices in Romania with huge oil resources and in other countries.


OMV Austria has bought in 2004 the majority of the Petrom shares together with the full oil and partially the natural gas resources of Romania at the budget-price of 800 million EUR.

Details about OMV investment in Petrom

Today OMV has more than 51% shares in Petrom:

OMV Petrom S.A. shareholders

Since 2004 OMV Petrom S.A. has earned in Romania more than 500 million EUR / year, totally more than 6 billion EUR.

Turnover and profit of OMV Petrom S.A.

OMV is a company mainly owned by the Austrian state and IPIC company from Abu Dhabi.

OMV shareholders

At the same time, OMV by buying Petrom as a real bargain has become the second largest gas producer as well, near the Romanian state-owned Romgaz.

Wikipedia: Natural gas in Romania

So, “buying” Petrom was a very good business for Austrians and for the company from Abu Dhabi, and extremely poor business for Romania.

Romania and its citizens as well have lost a lot of money: at least half million EUR / year, which means approximately 1% of the country budget, every year since 2004. If not sold to Austrians, Romanian oil and gas could have been bought by Romanians at half price, saving a lot of money and letting the country meanwhile to develop economically itself and making some green energy strategy for the future. But the money has had to go to Austria and to Abu Dhabi. Nice job EU, God save Romania!

Here are some details in Romanian language about this robbery managed from Brussels Vânzarea pe nimic a Petrom-ului către OMV

Some officials from Romania and EU should explain how could they ruin this ordinary way all the Romanians?


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