Analysis of the Romanian biofuels industry under the current economic conditions using PESTEL
OLTEANU Alin Paul
Biofuels worldwide recorded considerable growth rates over the last years, making them one of the most flourishing young industries. The biofuels industry within the EU27 focused on the production of biodiesel, which is the equivalent of the regular fossil diesel. Main drivers, which led to this development, were a favorable legislative framework promoted by the EU, which was translated by each EU member state through excise tax exemptions and obligatory fuel blending levels, and higher production levels of oilseeds, the main raw material for biofuel production. Based on the favorable context within the EU and its agricultural potential Romania could increase both its internal consumption of biodiesel and become a net exporter of biofuel to other EU countries. A thorough analysis of the current market conditions in the European and Romanian economy, and in the biofuel market specifically, is a requirement for the long term sustainability of Romanian investments in biofuels. This study aims at providing a basis for identifying the risk factors, faced by investment projects in Romanian biofuels, using the PESTEL analysis tool.
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