Petrom may earn 120m euros after selling land

Petrom, the largest domestic company, taken over by the Austrian petroleum group OMV, is analysing several possibilities through which it can exploit a plot of 200,000 square metres of land, located in Straulesti, in the northern part of Bucharest, after it has completed the ecological rehabilitation work started there. By selling the land, Petrom could earn approximately 120 million euros, according to specialists in the real estate field. “We will decide what to do with the land, as we have several options at the moment. Either we will build the new Petrom headquarters on the site, or we will try to sell it,” stated Mariana Gheorghe, CEO of Petrom. According to company officials, Petrom might also only use part of the plot, on which they will build new headquarters, with the remaining land being sold to real estate developers. Currently the prices of plots in this area range between 200-350 euros per square metre, according to real estate firms. “After the ecological rehabilitation works are finished, the price of a square metre of land in the area may amount to 400-600 euros,” stated Laurentiu Badea, senior broker with the real estate consultancy firm Eurisko. Under current circumstances, the plot of land may amount to 80-120 million euros. Petrom does not own other plots of a similar size in Bucharest or in any other regions of the country.