Romania’s Rompetrol Gas Takes Over MoldInterGaz Moldova

Rompetrol Gas, the liquefied petroleum gas unit of Romania's second-largest oil company Rompetrol Group NV, bought the main stake in LPG importer and distributor MoldInterGaz Moldova from the Moldova Republic, the company said Wednesday.

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Rompetrol is already present in Moldova Republic, as it distributes fuel on the local market.

MoldInterGaz owns autogas retail distribution stations, some gas cylinders selling units, a LPG bottling station and storage capacities in Ungheni and Tirnova localities.

Rompetrol Gas eyes a 20% market share in the next five years in the Moldova Republic. End-2007, MoldInterGaz had a 5% market share on the distribution segment and a 10% market share on the LPG import, the company said.

For 2008, Rompetrol Gas eyes $100 million in turnover, 2-fold higher from $54 million a year before.

The company plans to finalize its $20 million investments, to open some LPG stations in Romania’s western city of Arad and the country’s eastern city of Bacau and to increase the gas cylinders and autogas distribution network.

The Rompetrol Group operates in 13 countries and employs over 8,000 people. Its main assets are located in Romania, France, Spain and southeastern Europe.

Dutch-registered Rompetrol NV was bought by Kazakhstan's KazMunaiGaz last year for an undisclosed sum. Rompetrol has an enterprise value of $3.6 billion, indicating KazMunaiGaz paid some $2.7 billion for a 75% stake in the company.

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