Romania’s Upetrom Plans To Sell Oil Drilling Installation To Iraq

The Iraqi authorities organized a bid to buy the drilling equipment in July.

In the bid, Upetrom competes with several companies from the US, Germany, Italy and China.

„The evaluation of the offers takes around two to three months, so that the result is expected at the end of this month or the beginning of October,” Petrescu said.

He did not reveal the value of the contract.

As of 2000, Upetrom sold Iraq seven oilfield drilling installations, Petrescu added.

The Upetrom group activates on the local crude oil and natural gas sector and is owned by businessman Gabriel Comanescu.