Romania's oil company Rompetrol to spend 340m U.S. dollars for expansion plans this year

The company will spend 2.5 million U.S. dollars to open 15 Rompetrol Express gas stations in the countryside, in the Central county of Sibiu and 2.8 million U.S. dollars for two Rompetrol stations in Sibiu and Medias. It will also open 400 small gas stations in the rural area by the end of the year.

The company owns more than 350 gas stations in present.

Rompetrol targets revenues of more than 10 billion U.S. dollars this year. The group posted revenues of 3.8 billion U.S. dollars in 2006 and exceeded 7.3 billion euros in 2007.

Besides investing in gas stations, the company plans to develop the Palplast company, member of the Rompetrol group, producer of industrial pipes and fittings.Palplast targets 28 percent hike in turnover this year against the previous one, from 6.5 to 8 million U.S. dollars and plans to expand its activity in other countries.

Kazak-based KazMunaiGas took over 75 percent of the Rompetrol Group in August 2007, for about 3.6 billion U.S. dollars. Of the 75 percent sold to the Kazakhstan state-owned company, 60 percent of the shares belonged to oil mogul Dinu Patriciu and 15 percent to other shareholders. Before the deal Patriciu owned 80 percent of the group, leaving him with a 20 percent post-sale stake.

Source: NewsIn