Petrom invests $10m in Hungary

Petrom National Oil Company (SNP) will invest ten million dollars in Hungary over the next years, according to the company’s spokesperson, Gabriel Nastase, quoted by the Hungarian daily Napi Gazdasag.

The company plans to build up in Hungary six petrol stations and a fuel store and is to be present, starting this year, on the oil markets of the Republic of Moldova and Yugoslavia. Petrom will supply these units with fuel imported from Romania, even though prices will be settled depending on the Hungarian market.

Mol Concern, which holds the Hungarian oil and natural gas monopoly, currently has 390 petrol stations on the local market and controls approximately 80 percent of fuel wholesale and 40 percent of fuel retail sales.

On the other hand, Petrom intends to develop the exploitation of Pescarus deposit of the Black Sea, the largest deposit uncovered in Romania during the last 25 years.

Petrom will continue developing its distribution network in Romania. Over the last two years, it managed to modernise 244 of the 631 existent petrol stations. During this year, Petrom will also technologically update and modernise installations of Petrobrazi and Arpechim.

Petrom will take further the research, development and extraction of the first quantities of crude oil in Kazakhstan, where the company holds four deposits.