Energy trader Mercuria to invest USD 50mln in Amromco Energy

Mercuria, one of the world’s largest integrated energy and commodity trader, will invest USD 50mln in Amromco Energy, under a partnership concluded with investment fund First Reserve, majority shareholder of the Romanian gas producer. “The capital will be used to speed up the development of Amromco in Romania and in the East European space by expanding the existing partnerships and consolidating the regional position. Partners include Petrom, an OMV branch and the largest oil and gas producer in Eastern Europe, as well as Romgaz, a state-owned company and the largest natural gas producer in Romania”, a communique of Amromco Energy reads. The investment will also provide additional funding necessary to accelerate the development of the other existing assets of the company, which include 30 exploration, development and exploitation blocks on the territory of Romania. Following a recently completed transaction, Amromco acquired from Petrom three oil fields in the north-east of Romania, planning to continue working with this company in the region. Moreover, Amromco developed a partnership with Romgaz since 2003. In the meantime, the company has carried out development and production rehabilitation operations in several fields owned by Romgaz, totaling an additional production of approximately 2bcm.  “As part of the agreement, Amromco and Mercuria will also establish a marketing partnership to carry out trade activities on the territory of Romania, providing additional opportunities in terms of gas sale”, the communique mentions.