SOCAR has bought the remaining 10% share of the Romanian shareholders in SOCAR Petroleum SA, according to the official web site of SOCAR Petroleum SA.
The web site reads that SOCAR has now become 100% owner of SOCAR Petroleum SA.
In order to develop its activities in Romania, SOCAR is going to increase SOCAR Petroleum authorized capital by 35 million Euro.
“The deal is a part of a strategic approach of our company, which means strengthening of positions at the Romanian market. The deal, which was closed in early 2014, has given an impulse to a new stage of development of our company at the Romanian market,” said head of the Romanian representation of SOCAR Hamza Karimov.
SOCAR entered the Romanian market in 2011 by buying 90% shares in Romtranspetrol company owned by Yulian and Doyne Beresku. In December 2013 number of petrol stations operating under SOCAR brand name in Romania reached 22.
SOCASR owns the network the petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.—0—
Economics
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