The state-owned oil and natural gas company from Azerbaijan, SOCAR, will increase the share capital of its Romanian unit SOCAR Petroleum by EUR 35 million, to support the company’s development policy.

Recently, SOCAR group purchased the remaining 10 percent in SOCAR Petroleum SA from the Romanian shareholders, the company announced.

“The transaction is part of our company’s strategy to strengthen its position on the Romanian market,” said Hamza Karimov, CEO SOCAR Romania.

SOCAR entered the local market in 2011, when it acquired 90 percent in the Romanian company Romtranspetrol, owned at that time by Iulian and Doina Berescu.

In December 2013, the company reached a total of 22 filling stations across the country, creating some 330 jobs.

At an international level, SOCAR has offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, UK, Iran, Germany and Ukraine and branches in Greece, Switzerland, Singapore, Vietnam, Nigeria, and other countries.

Irina Popescu, irina.popescu@romania-insider.com