Four major deals with oil companies were signed in 2007, which totalled 2.5bn euros and marked the entrance of one major player and the exit of another.
Experts believe there remains room on the market for sales and purchases particularly on the retail segment, with international consolidation anticipated, which will encompass Romania.
The companies involved in these deals either profited from favourable market conditions, the more so as the price of oil per barrel continued to hit record highs, or chose to team up with other companies, which provided greater opportunities for aggressive future development.
Shell exited the market and sold its sole business on the domestic market to Petrom.
According to market sources the sale totalled 50-70m euros.
Petromservice returned to Petrom's portfolio in the wake of a 328.5m-euro deal, after it split from Petrom in 2002.
However, the market's peak moment came in August, when Dinu Patriciu sold 75% in Rompetrol to Kazakhstan's state-owned KazMunaiGaz in a deal worth 2.7bn dollars (2.1bn euros). Previously, Crimbo Gas, another LPG firm, was sold for 40-50m euros.
Were all these deals the result of some coincidences or of some events with an outcome anticipated by most experts?
"I do not believe there's a predominant factor behind the large number of deals on the oil market. The Shell Gas deal happened in the wake of the company's regional withdrawal from the LPG market, the takeover of Crimbo Gas was logical, given that it is the only large, international player that can take its business further, and the Rompetrol deal was anticipated for a long time, although the price was a surprise," says Markus Piuk, a coordinating lawyer at Schoenherr si Asociatii.
Practically, through these deals, each party sought opportunities to develop their businesses.
Besides this, there was another important factor.
The unprecedented increase in the price of oil was decisive to the expansion of all companies that hold significant oil or gas reserves. In addition, companies that lacked reserves started to look for acquisitions, alliances or sales opportunities.
On the domestic market, possible future deals will primarily target the retail segment.
Next year could see the problem that involves Rafo solved, which is expected to attract an investor who will modernise and expand the refinery.
Beyond these deals sealed at a domestic level, the market will also be influenced by the wave of consolidation witnessed internationally.
The domestic market is expected to witness deals on the retail segment, given that most companies have announced large-scale expansion plans.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
