SOCAR Becomes Sole Owner of Romanian Unit, Plans Cap Injection

Azeri state-owned gas and oil company SOCAR has acquired the remaining 10% stake in its Romanian unit SOCAR Petroleum, becoming the company's sole shareholder, the unit said.

The stake was bought from Romanian businesswoman Doina Berescu, SOCAR Petroleum said in a statement on Tuesday.

SOCAR plans to increase the share capital of the Romanian subsidiary by around 35 million euro ($47.7 million), SOCAR Petroleum added.

SOCAR entered the Romanian market in 2011 by acquiring a 90% stake in local Romtranspetrol from Iulian Berescu and Doina Berescu. SOCAR's network in Romania now comprises 22 gas stations, employing more than 300 people.

Source: SeeNews