Romania's OMV Petrom Starts Building Laboratory at Research Institute

Romania's top oil and gas group OMV Petrom [BSE:SNP] said on Thursday it has started the construction of the main building designed for the laboratory and the core storage facility of its Institute for Research and Technological Design, in the southern town of Campina.

The investment for the upgrade of the institute, which also includes the modernization of the laboratory equipment necessary for research and development activities, amounts to 3.7 million euro ($5.12 million) and will be finalized at the beginning of next year, blue chip OMV Petrom said in a statement.

The new building will house the laboratory activity and storage for all mechanical cores extracted by OMV Petrom in the last 50 years as well as new ones. Presently, the cores are kept in three different places, inadequate for storing the extracted material, the company said.

The institute upgrade is financed from the company's own sources and European Union funds.

The Institute of Research and Technological Design was set up in 1950 and has become an important center of scientific research for the oil industry, being a pioneer in terms of developing field engineering, drilling and extraction. It is now part of OMV Petrom's Exploration and Production Division, Domestic Assets.

Source: SeeNews