ButanGas seeks acquisition on LPG market

ButanGas Romania, one of the leading players on the local LPG (liquefied petroleum gas) market, controlled by businessman Iosif Constantin Dragan, has budgeted investments worth 15.5 million euros for this year to expand its commercial network, with one option being to take over regional LPG players.
“In Romania, the overall estimated value of proposed investments in 2008 could reach 15.5 million euros. The investments will be directed towards commercial network expansion (by taking over regional LPG players), modernising equipment and LPG distribution stations, and expanding the LPG storage facilities in Midia Navodari (the only marine terminal in Romania),” said Florin Preda, general manager of ButanGas Romania. However, he did not specify if the group was in negotiations to take over LPG players, nor did he provide any names.