According to Bloomberg the move is part of a strategy to give up businesses which are not part of the main activities of the company, as a result of falling oil prices. The firm is thus looking to reduce its spending.
Petrom apparently wants to reduce investment costs by 30 percent this year alone while attempting to direct most of its activities to gas exploitation in the Black Sea.
“Finding a buyer will depend a lot on the price because the renewable energy market has been significantly hit by the changes in the support scheme and the price of green certificates,” Mihai Chisu, Swiss Capital trader in Bucharest reportedly declared.
The Romanian Government's policies have not been particularly encouraging towards renewable energy investors, its modification of the green energy aid plan rendering it quite unattractive compared to the original form.