Petrom enters Russian market with an acquisition

Petrom, the biggest Romanian company, controlled by the OMV group, has announced the acquisition of Cyprus-based Ring Oil Holding & Trading, which ensures its strategic entry onto the Russian oil market. Petrom has signed the acquisition contract for a 74.9% stake in the Cypriot company, and sources close to the deal have estimated that the transaction is worth a few million euros in cash. The value of the transaction has not officially been revealed by the parties. Moreover, the Romanian company is preparing new acquisitions on the Russian market to expand its exploration and production portfolio, say quoted sources. “The acquisition of eight exploration licences and one for exploration and production in this oil-rich Russian region is in accordance with our strategy to turn Russia and the Caspian Region into a region of utmost importance in terms of exploration and production,” say Petrom representatives. The Romanian company has already scheduled a massive volume of investments in exploration, estimated by sources on the market at over 100 million euros by 2013.