Transgaz is to buy Petrostar Ploiești, an engineering company with 70 years of tradition

Transgaz intends to buy the majority stake in Petrostar Ploiești, a company with 70 years of tradition in engineering for the oil and gas industry, according to a company statement.

Transgaz, the operator of the national gas transmission system in Romania, has put on the agenda of next month’s AGM “the approval of the acquisition of a 51% stake in the share capital of Petrostar S.A. at a maximum price of 4,520,143 lei”. “The subscription is conditional on obtaining a 51% stake in the share capital of Petrostar SA”, Transgaz says.

With over 70 years of experience, Petrostar is the leading technological engineering, design and consultancy company for the oil and gas extractive industry in Romania, according to its own description.

“The company was founded in 1949 as the sole design institute of the Ministry of Petroleum, and covers all activity in this field on the territory of Romania. Until the early 1990s, PETROSTAR was the only consultant for the Romanian hydrocarbon producing industry. Starting with 1991, the company was reorganized as a joint-stock company with entirely private capital,” the company’s presentation states.

The company, which has 100% individual shareholders, had a turnover of 17 million lei in 2023 and a profit of 167,000 lei.

The Transgaz Group doubled its net profit last year compared to 2023, up to 391 million lei.