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Romania's Petrom buys firm in Kazakhstan
January 6, 2010 / 9:14 AM / 8 years ago

Romania's Petrom buys firm in Kazakhstan

BUCHAREST, Jan 6 (Reuters) - Romania’s top oil group Petrom SNPP.BX has bought Korned LLP, a firm that owns an exploration licence of an oil field neighbouring one of Petrom’s in Kazakhstan for an undisclosed price, the firm said on Wednesday.

Petrom, which is 51 percent-owned by Austria’s OMV (OMVV.VI), entered Kazakhstan in 1998, and owns exploration and production licences for five oil fields.

Korned’s licence includes the untapped oil field of Kultuk, near Petrom’s Komsomolskoe field, the firm said in a statement.

Petrom is 51-percent owned by Austrian OMV, while the Romanian economy ministry owns 20.6 percent, with a 20.1 percent stake owned by Fondul Proprietatea, a fund set up by the state to compensate Romanians whose properties were seized under communism. The remainder is listed on the Bucharest bourse.

At 0830 GMT, Petrom shares traded up 0.75 percent on the day at 0.2670 lei ($0.091). ($1=2.919 Lei) (Reporting by Luiza Ilie; Editing by Hans Peters)

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