Petrom-Petromservice deal closing next month

Petrom is also to take over 9,800 employees of Petromservice.

While the oil services of Petromservice will be integrated into Petrom’s new Exploring and Production Division, Petromservice will change its name and logo, and will continue operations in other fields than oil services. The company is also supplier of services for the gas industry, and will likewise keep some 5,000 employees.

The Competition Council yesterday authorized the transaction and said the operation raises “no serious doubts” in terms of compliance with the competition environment.

Petrom and Petromservice signed the deal on 18 September 2007. Petrom announced an investment worth some €90 million in the coming years in technology and equipment, infrastructure and IT.

Petromservice used to be part of Petrom, prior to its privatization. It split from the mother-company before the controlling interest of Petrom was acquired by Austrian group OMV in 2004.