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SOCAR’s subsidiary in Romania increases authorized capital

Oil&Gas Materials 29 March 2015 16:45 (UTC +04:00)
SOCAR Petroleum S.A., the subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Romania, has increased its authorized capital by over 8 million euros.
SOCAR’s subsidiary in Romania increases authorized capital

Baku, Azerbaijan, March 29

By Maksim Tsurkov - Trend:

SOCAR Petroleum S.A., the subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Romania, has increased its authorized capital by over 8 million euros, Romanian media reported on Mar.29 citing the data from the country's National Trade Register.

The company's authorized capital was increased by 8.02 million euros in February, according to the report.

"Theoretically, this sum is enough to construct eight new filling stations," according to Romanian media.

Currently, 32 filling stations under the brand name of SOCAR are operating in Romania and if these funds are used for expanding their network, their number will increase to 40, according to the report.

SOCAR brought the number of the filling stations in Romania to 32 on Jan.30 by commissioning a filling station in Romania's Sibiu city.

It was earlier reported that SOCAR plans to commission another 10 filling stations under its own brand name in Romania in 2015.

SOCAR is the only producer of petroleum products in Azerbaijan. It has two refineries and owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

The company exported 1.2 million metric tons of petroleum products from the country in 2014, compared to 1.05 million metric tons in 2013.

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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