In 2021, INSPET marks 30 years of outstanding achievements in the field of oil and gas infrastructure. We took this opportunity to discuss the company's main projects and prospects for the next few years with Ciprian Păltineanu, CEO and Chairman of the Board of Directors.
Founded in 1991, INSPET is the largest privately owned company in Romania, active in the construction, assembly and general contracting of oil and gas infrastructure. The most relevant projects completed as general contractor and construction party included the execution of three gas compressor stations (STC Podișor, STC Bibești and STC Jupa) and the first batch (first 180 kilometers) of the pipeline in BRUA-the first phase of the project, Under the Prut River and the Iași-Ungheni gas pipeline, part of the interconnection of Romania and Moldova gas transmission system, the Danube and the two gas pipelines underneath, in the Giurgiu-Ruse region, Romania and Bulgaria gas transmission system interconnection One part is the gas compressor and dehydration station of the Sărmășel underground storage facility, the upgrade of STC Șinca and STC Urziceni, the Ghercești gas storage facility, the various technical facilities of the Bilciurești gas storage facility, and the upgrade of the Petrotel-Lukoil refinery.
Ciprian E. Păltineanu, MBA, is the CEO and Chairman of the Board of INSPET SA, the leading energy infrastructure (oil and gas main pipelines and complex installations) general contractor in Romania. This is a 30-year-old company The company is committed to the EU’s climate neutral goals.
Managers, financial experts and investors with more than 20 years of experience in the fields of energy, consulting, corporate and investment banking, investment management and private equity in Romania, Austria, Central and Eastern Europe, the United Kingdom and the United States, Ciprian focuses on advancing the following principles to a greener Europe, while improving the competitiveness and productivity of the domestic industrial ecosystem.
Ciprian Păltineanu is a non-executive director or consultant of several Romanian and British companies, a member of the board of directors of CCIPH (Prahova Chamber of Commerce and Industry), a member of the board of directors of RoFin.Tech (Romanian Financial Technology Association), as well as ASPES (Social Economic Research Association) and Member of the Romanian Association of Technological Angels (Romanian Business Angels Association).
Ciprian graduated from the UniFuture project of IMD in Lausanne and holds an MBA from Tulane University in New Orleans and a Bachelor of International Business from the Bucharest Institute of Economics.
Dear Mr. Păltineanu, with more than 20 years of energy professional experience in Romania and abroad, how do you evaluate the Romanian energy market compared to other European/global similar markets? What is the position of INSPET in this field?
Ciprian Păltineanu: Romania has real potential to surpass its European counterparts in many industries, even in larger and more developed countries; energy is clearly one of these industries. Natural gas and renewable energy are driving the development of Romania’s energy sector, as well as innovative nuclear and hydrogen potential.
Natural gas-a low-cost, commercially viable transition fuel, as the least carbon-intensive fossil fuel, has proven to have beneficial effects-in its process of achieving climate neutrality, it is and will continue to be the global energy system Indispensable part.
There are many reasons for the expected increase in natural gas demand, whether in absolute value or percentage of energy consumption structure: the phasing out of coal power generation capacity, the increase in natural gas demand for blue hydrogen, other higher-level development value utilization and conversion facilities, and -It is essential for Romania-to ensure that all populations have access to the natural gas distribution network.
Natural gas transportation infrastructure is better than the grid, with lower cost and higher efficiency (for the same capital expenditure level, natural gas pipelines can transport 10-20 times more energy than cables), fewer environmental issues, and shorter Plan duration, permits and construction. Natural gas power assets are also critical to balancing the national energy system. Therefore, without denying the need for additional investment in the much-needed high-voltage power lines and continued investment in renewable energy, natural gas is undoubtedly the strategic focus of Europe, especially Romania.
Romania is currently the EU's second largest natural gas producer and Europe's fourth largest producer of natural gas, but its domestic production is insufficient to meet consumer demand. There is a strong need for more discoveries and subsequent gas field development—both onshore and offshore—and underground storage facilities to ensure the safety of the supply side.
Considering the long lead times for such large strategic projects, now is an opportunity; delays in investment decision-making and execution will widen the imbalance and limit the positive impact of the energy sector on Romania’s GDP.
INSPET belongs to a special kind of company, especially Romanian private energy infrastructure contractors and builders. Therefore, whether for good or bad, INSPET has many advantages and disadvantages of this sub-industry through its predecessor and its own contribution to the 70-year history. This time, we have used our tradition of excellence in education and professional projects in the energy sector not only in the region, but also in the Middle East and Africa, allowing us to successfully execute projects worth more than $2 billion in the region. The past 30 years. Despite the increasing complexity of projects and the increasing expectations of customers for tight deadlines and frugal budgets, we have never implemented a performance guarantee. On the other hand, we mainly (although not completely) rely on oil and gas projects; the decarbonization trend may affect the capital expenditure plans of our traditional customers, and thus our revenue. In addition, the free EU labor market and the historical underinvestment in Romanian vocational education have made it increasingly difficult for us to recruit and retain qualified personnel. Last but not least, in public acquisitions, we sometimes face competition from companies whose bids are lower than their actual costs, and ultimately fail to execute on time, endanger the execution of public projects, or suffer from lack of experience. The new entrants "lease" the qualifications of a foreign company, but will never actually do any work.
Nevertheless, for 30 years, INSPET has remained synonymous with the performance tradition of executing energy infrastructure projects. We are a domestic pipeline construction company. The distance between the pipelines is twice the distance between Ploiești and Brussels. We are a highly reliable partner for our customers. No matter how complex the project is, we will not let them down; In the industry, we are one of the few companies that are strategically initiating, financing and executing large-scale natural gas projects that are vital to the Romanian economy.
In addition to natural gas, we are paying more and more attention to hydrogen, studying its impact on various pipeline materials and components under various pressure conditions, to obtain tangible data, and to develop feasible solutions for the storage and transportation of pure hydrogen or methane-hydrogen mixtures. solution.
INSPET operates in a very professional industry. The work carried out is usually able to withstand the most unfavorable weather conditions, internal pressure of dozens of atmospheres, toxic or corrosive substances, and pursue the highest quality manpower and technical standards. What are INSPET's interesting activities and related projects? Who are INSPET's main partners and customers in Romania and abroad?
Ciprian Păltineanu: In the past 30 years, we have successfully completed more than 200 projects, including 4000 kilometers of crude oil, petrochemical and natural gas pipelines, natural gas and water distribution, more than 20 crude oil pumping stations, and more than 40 natural gas compression The machine station, dehydration plant and underground gas storage have a weld length of more than 10 million inches and working hours of more than 60 million hours.
Due to the particularity of the core business, INSPET's main customers are strategic companies in the Romanian oil and gas industry: state-owned and privately managed companies and multinational holding companies. In order to make full use of its production capacity, INSPET also executes construction and assembly projects for beneficiaries in the non-energy industry: manufacturing companies, real estate companies, local councils, ministries, etc.
We are proud of all our projects, but the most notable are the projects of strategic importance to the security of the national energy system (some are carried out jointly with other Romanian or foreign companies), some of which represent true premieres at the national or regional level .
Recent projects include the execution of Lot 1 (km0 – km180), three gas compressor stations (STC Podișor, STC Bibești and STC Jupa), as the general contractor of two consortiums of local companies, and several parts of Lot 2 ( 31 kilometers of transit pipeline) DN800 PN63 bar, as the construction party, in the BRUA project, Transgaz as the beneficiary. BRUA is by far the largest investment project in the country’s natural gas industry, increasing Romania’s export capacity to Hungary by up to 1.75 billion cubic meters per year, and its export capacity to Bulgaria by up to 1.5 billion cubic meters per year, and is in line with the application of the European regulatory framework. Reserve natural gas transmission capacity.
INSPET is currently commissioning two dual natural gas compression stations in Onești and Gherăești, including pipeline automation and safety, for the development of national transportation systems in northeastern Romania and the Republic of Moldova, as the general contractor company consortium for Transgaz, and Bilciurești’s TEG natural gas dehydration unit , Used for Depogaz, and other very interesting (sometimes challenging) private company projects.
The successful implementation of such landmark projects proves that we are not just building infrastructure. Every day, we are building trust!
The energy transition cannot be accomplished overnight, and we know that we cannot completely stop using fossil fuels. Therefore, we believe that gas is a transitional energy carrier. What do you think are the biggest challenges facing Romania’s energy sector and infrastructure?
Ciprian Păltineanu: Actually, we cannot suddenly stop using fossil fuels. In fact, for obvious reasons, even the most ambitious plans of rational participants will not predict the near future will be entirely from fully renewable energy sources. Despite a steady decline, the capital expenditure costs of renewable technologies are still high, and in some cases (hydrogen) even operating expenditures are too high, the technology is highly dependent on manufacturing in countries that do not fully comply with best environmental and procurement practices, and The output varies from wind, sunlight, or water level, and requires a proper balance, not to mention the environmental issues of hydropower, especially nuclear power. In addition to the uncertainty of ensuring supply, the high total cost of producing renewable energy (which is eventually transferred to consumers) is having an adverse short-term impact on economic growth and widespread adoption.
Let us not forget that the European Green Agreement is a balancing act between climate action taken through decarbonization on the one hand and the EU's economic growth and competitiveness expansion!
Therefore, accelerating the “green transition” needs to consider the current cost of renewable technologies, carbon costs, and the need for sustainable energy mix, as well as all mid- and long-term impacts, and are gradual, without causing negative impacts on the environment. economic development.
As the International Energy Agency said, natural gas is one of the pillars of global energy due to its low carbon footprint and strategic role in the energy structure.
Natural gas is not a competitor, but a promoter of unstable renewable energy capacity. Compared with the EU average, Romania has made a slight improvement in the share of renewable energy, but it is one of the EU countries that rely most on coal for high-cost power generation. In order to achieve the best transitional impact through the use of “variable” renewable energy, the following challenges related to energy infrastructure and markets need to be addressed:
Natural gas production is limited. As Romania plans to add more renewable energy capacity while phasing out coal, it needs more and more natural gas-at least for now, despite our leading position in the EU in terms of reserves and production-domestic mining cannot provide this. natural gas.
There is no national smart grid. As has been recently witnessed in the United Kingdom or the southern United States, when renewable energy sources are less efficient due to suboptimal weather conditions, an integrated natural gas-based grid is essential. Considering the balancing effect of natural gas infrastructure, energy participants should find a fair mechanism to share the cost of natural gas infrastructure.
The power grid becomes a bottleneck. Areas with insufficient transportation capacity need to invest in the restoration and expansion of power grids.
There is no legal framework for power purchase agreements outside of the centralized market. Last year, PPA was allowed in a centralized market; functional markets will allow over-the-counter trading agreements.
The bureaucracy of connecting renewable energy to the grid. The process needs to be simplified; time is of the essence, especially when there is a shortage of supply and market liquidity and borrowing capacity are good.
There is no virtual power plant. Clearly, the balance market needs to be reformed to cope with highly variable supply and demand.
There is no CCS. The availability and deployment of carbon capture, utilization, and storage technologies have become highly relevant; currently, there is no CO2 PCI in Central and Eastern Europe.
Meaningless effect. Consider reopening the incentive plan for new renewable energy producers, and give priority to the access of companies related to the fossil fuel industry to provide specific impetus for the energy transition of these companies. Carbon-intensive industrial companies and their suppliers and contractors have suffered the greatest losses in the energy transition, so they need to prioritize mitigation solutions that also reduce their carbon footprint.
In Romania, the decarbonization of the energy sector is mainly based on the support provided by the European Green Agreement. Despite the current economic challenges, many oil and gas companies continue to work hard to decarbonize their operations and value chains. How will your company's operating model change to flourish in a low-carbon world?
Ciprian Păltineanu: The oil and gas giant-with skilled personnel, considerable financial resources and historical interest in innovation-has understood the important role played in the energy transition and has begun to adopt a convergent approach to approach a gradual decarbonization solution plan.
However, not all oil and gas companies, not all oil and gas companies in all countries, and all suppliers of these companies are so advanced, causing imbalances, and administrative measures are needed to ensure that as many economic participants as possible have a sustainable future .
Especially for our country, it is important to deploy the right incentives to encourage Romanian industrial companies (focusing on carbon-intensive industries or industries related to fossil fuels) to make a major contribution to the energy transition. Why are domestic companies in those specific fields? First, these companies are most affected by the energy transition because of their ownership structure (not belonging to multinational groups that can provide funding or assistance) and business activities (any fossil fuel restrictions will have a negative impact on the non-polluting companies that perform their work or be carbon Intensive industries provide equipment and products). Second, these companies are known for their skilled workforce, but lack R&D intensity; they tend to have a greater impact from capital expenditures and other investments, and their personnel are more vulnerable during economic downturns. Third, companies in the upstream of carbon-intensive industries (a large number of small and medium-sized contractors and suppliers of large fossil energy giants) can be encouraged to become more agile and resilient, especially by making progress in R&D, innovation and industrialization.
In the absence of these incentives at the EU or national level, we need to adapt to this new paradigm to survive and flourish under ideal circumstances. In fact, this is an interesting period for our energy infrastructure construction sub-industry, especially pipeline construction.
First-diversify, stay agile, and innovate. Combine a healthy, diversified portfolio of correct budget projects, careful cost control, lean organization, rapid decision-making and innovation to improve efficiency and productivity.
Second, change people's perceptions. Essentially, even if we are an industrial company that uses tools and machinery extensively in production plants or on-site, we are not a business of machines or equipment, but a business of people. People were and are our most precious assets, and this asset needs to constantly adapt to the current paradigm, add value to the organization and face the future.
Third-find and keep the right people. People management is a dynamic process. Human capital is constantly developing. Leadership needs to share vision and provide feedback to recruit and motivate talents.
Fourth-pay attention to the value of stakeholders. We live in an ecosystem that naturally requires the creation of value for shareholders, customers, suppliers, employees, and all stakeholders in the community.
At INSPET, our goal is not to be the largest, most capitalized, or even the most profitable in our industry (although compared with most other industries, the absolute value is still very low, belonging to an industry with single-digit profit margins).
Our goal is to be the best. The best operators are the most reliable to execute projects on time, on budget, and with the highest quality standards, have substantial profits, and allow the necessary investments to maintain these standards and the return of shareholder capital.
The International Energy Agency’s newly released "Global Hydrogen Energy Review 2021" focuses on the role of hydrogen energy in achieving climate goals. It aims to help decision makers fine-tune their strategies to attract investment and promote the deployment of hydrogen energy technologies, while creating an impact on hydrogen energy and The demand-based fuel for hydrogen energy. Can hydrogen become part of the world's solution to ecological problems?
Ciprian Păltineanu: Well, it depends.
Initially considered to be a rather marginal prototype-ready technology, it may never be able to achieve full industrialization. Now hydrogen has become the pillar of the EU’s efforts to achieve climate neutrality in 2050, and has taken the lead in further consolidating the EU’s industrial and economic competitiveness. Together with solar and wind energy, hydrogen is expected to replace coal and in some cases even oil and natural gas. By 2050, its share of EU's final energy demand will increase from 13% to 24%.
As a highly versatile energy carrier, hydrogen is a potential promoter of industry integration, providing a mechanism that can flexibly transfer energy across industries, regions, and time in a relatively circular system. In addition, as a fluid similar to natural gas, hydrogen can be stored using existing natural gas infrastructure to a large extent, and then transported over long distances, which is cost-effective. In addition to the infrastructure for natural gas transportation and distribution (in some cases where research is still needed, a small amount of hydrogen may be mixed with methane), it is clear that a dedicated hydrogen main pipeline infrastructure is required to allow the use of the most cost-effective means of transportation .
What does it take for hydrogen to become part of the climate neutral solution?
Reliable, high-volume, low-cost production technology. There are various methods for producing green and blue hydrogen, with low output, long lead times, and capital expenditures and operating expenditures are still too high to be competitive.
broadly used. There are not enough use cases, not enough hydrogen fuel cell vehicles, limited industries and no residential equipment and appliances.
Efficient storage and transportation. These key aspects of all forms of energy also require further large-scale research.
Safe to use. More research is needed to determine with absolute certainty the interaction of H2 with various materials in traditional transportation and distribution infrastructure. Even if industrial use can be reduced more easily, it is still unclear how safe pure hydrogen or mixed hydrogen is used for heating and cooking in residential buildings.
award. Encourage the research, development and industrialization of green hydrogen production and storage technologies, promote the gradual reduction of capital expenditures, and encourage the purchase of public and private vehicles with hydrogen fuel cell technology, similar to electric vehicles.
I reiterate the fact that according to my professional opinion-by incentivizing carbon-intensive industrial companies and their suppliers and contractors to invest heavily in the entire value chain of renewable energy and hydrogen-we will be faster on the road to energy transition To move forward.
Digital transformation supported by advanced analytics, artificial intelligence, and machine learning can help companies find the fastest and most effective way to reduce greenhouse gas emissions in the oil and gas industry. What does INSPET's digital transformation mean?
Ciprian Păltineanu: Everyone agrees that the increase in digital productivity will accelerate the fourth industrial revolution; many executives report that digital transformation will be implemented during the pandemic (supply chain redundancy, data security, advanced operating technology, improved traceability They are moving 20 to 25 times faster than they thought.
Especially in today's "year of all things mixed", it is obvious that the future industry can no longer be purely materialized; but it cannot be completely digital either. We need to find the right balance to ensure sustainable development.
Industry 4.0-the digital network of people, machines and products-represents this balance. The goal is the efficient production of smart factories, from large batches to one-offs, and the entire value creation process based on highly networked and automated machines. It is worth mentioning that the Industrial Internet will not replace it, but will further utilize the human factor to achieve benefits in terms of business strategy, operations and models, as well as labor management and customer interaction. In addition, even in industrial sectors where remote work is not possible, digital transformation is possible because it goes far beyond the actual delivery of production activities.
INSPET recognizes the potential benefits of digital transformation as a key competitive tool for companies to succeed in the global industry, and therefore implements an inventory management system, and is currently developing a proprietary supplier management system and specific tools for the digital frontline employees , Improve the traceability of production.
In your opinion, are there any special measures that can deal with the direct consequences of high energy prices without destroying climate goals?
Ciprian Păltineanu: The current high energy prices are the result of market failures: there has been a significant imbalance between supply and demand in the past few years.
Unfortunately, there is no immediate solution based on the efficient market assumption. Any administrative measures (price caps, additional taxes on producers, and even subsidies) will be discriminatory and will eventually backfire, and consumers will pay energy bills or tax bills.
The European Commission has explored a wide range of medium-term measures, including accelerating investment in renewable energy, energy efficiency, simplifying auction mechanisms for energy supply, developing storage capabilities, producers and consumers, and decentralization.
As a strong believer in the free market, I believe that all this boils down to the proper liberalization of renewable energy generation. There is a need to eliminate or limit the red tape and bureaucracy that meets safety requirements within the regulatory minimum, as well as grid access, various authorizations, and paperwork. Therefore, any potential producer (prosumer or industrialist) who wants to invest in new renewable assets should be allowed to do so without being discriminated against by the distribution company. Therefore, the increased supply will eventually exceed the demand, and the price will return to an equilibrium level.
Given the rapidly spreading turmoil in the global energy market, the need for innovation, efficiency and strategic guidance is more necessary than ever. What do you think of innovation in the energy sector?
Ciprian Păltineanu: Essentially, innovations in the energy sector are all about decarbonization, decentralization and digitization.
Due to its operational focus, the energy industry ecosystem is in a race for constant optimization and is generally committed to development. Disruption includes many forms, ranging from technology, product and tool innovation (such as various renewable energy, energy storage technology, blockchain, etc.), business model (distributed energy, energy as a service) or process innovation (Internet energy, electricity To X, vehicle to grid, etc.).
Competitiveness is the key: It’s important to see whether domestic companies in the energy industry in the broadest sense (except high-tech start-ups) will successfully transform innovation into an effective, competitive and sustainable enabler of the energy industry. interesting. future.
How do you think we can make a positive contribution to a sustainable future with lower emissions while ensuring the security of energy supply?
Ciprian Păltineanu: The small tangible positive steps are better than the greatest plan that has never been implemented.
We found that reducing the carbon footprint is not only an ethical obligation for traditional companies active in carbon-intensive industries including fossil fuel extraction, but also a very good business opportunity for everyone. So far, before making any expensive investments in renewable energy power generation capacity, we have applied business common sense and implemented some targeted actions that have resulted in quick and tangible victories.
Any company can gradually replace inefficient electric vehicles with electric vehicles (currently INSPET has the largest electric vehicle fleet in Prahova County) by focusing on certain functions, shifting to efficient heating and lighting, thereby reducing overall waste, especially Energy consumption. Use newer and better-performing engines and recycle all material by-products as much as possible. We have noticed that even without changing our production model, awareness and continuous monitoring of energy bills have surprisingly reduced energy consumption.
In addition, especially when energy prices are high, self-use renewable energy production-as a producer and consumer-is a good business that can generate a higher internal rate of return than most other traditional projects.
As the COVID-19 crisis deepens, not only do you see the potential impact on the company? Is the energy industry ready to face such a crisis, especially in terms of digitalization and the adoption of new technologies?
Ciprian Păltineanu: It is worth mentioning that the energy industry-by the broadest definition, including all industry participants, including contractors-did not stop during the pandemic. We have been working hard-while strictly complying with anti-epidemic preventive measures, resulting in a substantial increase in costs-to contribute to ensuring that the public and industrial consumers have access to natural gas. For example, on the occasion of New Year’s Eve in 2021, INSPET timely mobilized heavy machinery and qualified personnel, gathered from a well-deserved holiday, and successfully repaired the main natural gas pipeline damaged by environmental factors, thus saving the energy of a major city and the city during the festival. The heating is out of power.
The challenges brought by the pandemic have put a lot of pressure on the population and industry, and energy practitioners and companies are not immune. In the energy industry, especially the sub-sectors that focus on energy infrastructure construction, similar to the construction industry as a whole, they are the least prepared to face the restrictions required to deal with the COVID-19 crisis: remote work is almost impossible, and projects require moving far away. Large teams place them in shared dormitories, and the personnel mainly work outdoors in various weather conditions.
In fact, the energy industry can derive many benefits from digitalization and the adoption of new technologies. However, not all of these benefits apply to pandemic situations. In addition, I personally believe that-especially for builders working for energy professionals-the pandemic is not necessarily countered by digitalization, but a return to the basics: prevention is the key! In addition to vaccines, INSPET uses shelter, distance and continuous air disinfection equipment in the office to ensure that our employees remain as safe as possible during these difficult times.
We hope that the COVID-19 pandemic will end soon, but we will continue to use air disinfection equipment (as all companies should do) to purify other pathogens in the air and prevent personnel from stopping work and sick leave due to the common cold and seasonal flu.
In 2021, INSPET celebrated its 30th anniversary. What is your company's vision and prospects for the next 30 years? Does INSPET intend to extend its expertise beyond the oil and gas field?
Ciprian Păltineanu: In essence, INSPET is a general contractor in the field of energy infrastructure, reinforced by a large construction company with its own industrial manufacturing and processing capabilities.
Our history is rooted in the oil and gas industry, working closely with major players, laying pipelines, and constructing refineries or other facilities. Over the years, as a contractor and builder, we have gradually accumulated recognized expertise in the field of general civil engineering, including site development, structural and construction engineering, as well as materials science, mechanical processing, industrial manufacturing, water, sewage and irrigation systems, Environmental reclamation, or mechanical maintenance and repair.
As I mentioned before, INSPET-both alone and in joint ventures-has initiated various hydrogen R&D projects in order to be able to contribute in a tangible way to Romania's energy transition and the EU's climate neutrality goals.
In addition to large-scale oil and gas infrastructure projects, INSPET can successfully execute any of these auxiliary business lines of medium-sized projects. In general, we intend to maintain the current strategic focus while seeking such secondary opportunities based on geographic proximity, overcapacity, or customer interest, especially when they are integrated into more complex projects.
Aware of the basic need to provide more clean water and sanitation facilities to all Romanians, we hope to use our experience by further diversifying our activities in large-scale water supply and sewage treatment projects and return to INSPET's highly relevant business line 10 By fifteen years ago.
In addition to the construction of warehouses and office buildings, we also explored residential and mixed-use construction opportunities; I believe that real estate developers and other customers need and will benefit from the quality, time management, budget thrift and overall seriousness of energy infrastructure builders .
In addition, INSPET is committed to expanding renewable energy production-initially as a hedge to compensate for our own internal consumption-and then injected into the grid. We firmly believe that all companies in the upstream of carbon-intensive industries (a large number of small and medium-sized contractors and suppliers of large fossil energy giants) should be encouraged to migrate to renewable energy and even start to use renewable energy to produce energy. source.
In short, in order to better summarize our focus, I would like to say that INSPET is and will continue to be engaged in the business of providing people with basic utilities through the construction of oil, gas and water, whether it is heating, electricity, water, residential infrastructure, residential construction And produce renewable energy.
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