SOCAR Petroleum to increase its joint stock in Romania
SOCAR Petroleum gas stations, owned entirely by the state company SOCAR (the State Oil Company of Azerbaijan Republic), through two companies registered in the Netherlands - Becrux and Gacrux, has recently decided to contribute EUR 8 million to the joint stock in Romania. The local network of Azerbaijani gas stations has reached 32 stations, the latter being opened late January 2015 in Selimbar, Sibiu County, following an investment of about EUR 1 million. The company’s subscribed and paid joint stock in Romania has thus reached about RON 295.7 million. Socar has increased its share capital by EUR 50 million last year and the recent approval for the EUR 8 million capital increase was calculated at an exchange rate of RON 4.46/EUR. The approval of the capital increase was made “to further support operations and the expansion of the company’s activities planned for the Romanian market”, says the decision on the last share capital increase. The stated objective of SOCAR is to reach 10% market share of fuel distribution in Romania, i.e. 100 gas stations. Socar holds, at the moment, gas stations in Romania in the following counties: Botosani, Suceava, Neamt, Iasi, Bihor, Bistrita, Buzau, Bacau, Vrancea, County, Cluj, Valcea, Timisoara and Sibiu.