State Azerbaijani company SOCAR bought from Julian and Doina Berescu the remaining 10% stake in SOCAR Petroleum, former Romtranspetrol, 90% of which has been acquired in 2011, and will increase the company’s capital by 35 million euro.

“The transaction is part of our company’s strategic approach to strengthen its market position in Romania,” said the general manager of SOCAR Romania, Hamza Karimov.

SOCAR entered the Romanian market for fuel distribution through the acquisition, in 2011, of 90% stake in Botosani Romtranspetrol, owned by Julian and Doina Berescu.

The company has a network of 22 filling stations in Romania and wants to reach 300 units over several years.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.