Petrom, the biggest Romanian company, has confirmed recent information that it may acquire Petromservice, the biggest supplier of services and equipment for the oil and gas industry.
According to some market sources, the value of the deal ranges between 300 and 350m euros. The sale may be announced on September 18 or 19, according to information published in the Official Gazette.
Practically, Petrom is now paying hundreds of million euros to buy a company that was taken over in 2002 for a petty sum by Petrom employees' association run by Liviu Luca. In 2005, Elbahold Limited Cypriot offshore company appears registered as Petromservice shareholder, having paid 13 million euros and getting 49.3% of Petromservice in the wake of a capital increase operation in which Petromservice shareholders did not participate. A 25% stake in the company is still held by Petrom employees' association, with the rest being held by some individuals. Liviu Luca could not be contacted by the time the story was ready for print. He is advised in this deal by businessman Sorin Ovidiu Vantu.
"I won't comment on this issue," stated the former industry minister during the 2000-2004 period, Dan Ioan Popescu, when asked about the reason behind Petromservice being spun off. Officially, the reason behind the spinning off of Petromserv (which subsequently became Petromservice) was related to Petrom reorganisation project that saw the company's relinquishing all the activities that were not part of its core business with a view to privatisation.
"In the context of Petromservice's announcement of its intention to give up this line of business, we are looking at all options, including a possible acquisition," stated Petrom representatives.
Petromservice has a contract worth approximately one billion euros with Petrom until 2012.
"Work-over and maintenance operations are very important for the exploration and production segment, and Petromservice is a provider of such services that is very important for us," the above-quoted sources also stated.
The information on the company relinquishing the two units, work-over and maintenance, was published in the Official Gazette on September 6, with a addendum to call to meeting document initially published on August, 17, 2007.
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