Hungarian oil pipeline builder bought by US group
Thursday, July 7, 2005, 16:23
Hungary's Kőolajvezeték-építő, a builder of oil pipelines, has been bought by a group of companies registered in the US state of Delaware, business weekly HVG reported. Kőolajvezeték-építő, which has built pipelines in the Middle East and Germany, was bought by Westforce Enterprises Ltd, Elroy Invest and Trade Inc and Nielsen International Co. In addition to oil pipelines, Kőolajvezeték-építő also builds telecommunications networks. This year the company expects revenue to be boosted because of new wiring work related to big road construction projects, CEO Gyula Tarsoly told HVG. Last year Kőolajvezeték-építő had revenue of Ft 3.3 billion, one-fifth coming from foreign jobs. Profits came to Ft 22 million. Kőolajvezeték-építő had net assets of Ft 1.9 billion at the end of 2004.