Romania’s Petrom Mulls Entering Ukrainian Mkt

Romania’s oil and gas company Petrom (SNP.RO) is searching for opportunities to enter the oil market in Ukraine, especially in the fields of oil exploitation and fuel distribution, the company’s CEO Mariana Gheorghe said Tuesday.

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Petrom is also looking for expansion possibilities on the oil and gas markets in Turkmenistan, Azerbaijan, Kazakhstan and southeastern Europe.

“Turkmenistan is a target for us because not many investments have been made in the area,” Gheorghe said. However, nothing has been decided yet and talks are only at a general level.

The official said that for the time being and the near future, no transactions have been laid on the table.

Petrom is the largest corporation in Romania and the largest gas and oil producer in Southeastern Europe.

In December 2004, Petrom was privatized and became a part of OMV AG (OMV.VI), which is the majority shareholder.

The company, posted a full-year net profit of RON1.77 billion in 2007, down 22% on the year from RON2.28 billion in 2006. Total revenues reached RON12.98 billion, down 6.8% against 2006.

Petrom and Romgaz are the largest natural gas producers in Romania. The companies cover about two third of the national consumption.

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