SOCAR to inject 35 mln euro in its Romanian business

SOCAR, the State Oil Company of Azerbaijan Republic, announced an increase worth about 35 million euro of the social capital of the Romanian-based company it controls – SOCAR Petroleum SA. The transaction is meant to support the development policy of the oil company which has been fully taken over by Azeri group recently, after acquiring the remaining 10 percent of the shares owned by the Romanian shareholder.

‘The transaction is part of our company’s strategic approach to consolidate its market position in Romania. We thank the Romanian partner for the collaboration in all these years. The transaction closed at the beginning of 2014 announces a new development stage of our company in the Romanian market.’, Hamza Karimov, CEO SOCAR Romania, said, according to a press release.

SOCAR entered the Romanian market in 2011 when acquired 90 percent of the stake in Romtranspetrol, a Romanian oil company located in Botosani. So far, the Azeri company focused on developing the gas stations chain which now consists of 22 units across the country.