OMV raises Petrom investment by a third to 3 bln
Wednesday, October 19, 2005, 10:43
OMV AG is raising its investment in Romanian subsidiary SNP Petrom SA by a third because the unit needs more new oil-production technology than originally thought, Austrian daily Kurier reported, citing OMV Chief Executive Wolfgang Ruttenstorfer. The Austrian company's total investment in Petrom will reach 3 billion euros ($3.6 billion), around 600 million euros a year, by 2010, Ruttenstorfer was cited as saying in the Vienna daily. OMV plans to buy 2,500 new oil pumps and will hire contractors to make three-dimensional seismic images of the Romanian oil fields.