Turkish holding company buys 65 % of Romania's Petromidia refinery
A leading Turkish holding company has bought a majority stake in Petromidia oil refinery for $ 725 mm, making one of
the biggest single investments in the last years in Romania.
Akmaya Sanayi Ve Ticaret purchased 65 % of Petromidia, which is located in the Black Sea port of Constanta.
Romania has 10 major oil refineries, built under former communist dictator Nicolae Ceausescu, which produce some 34
mm tpy. Petromidia was built in 1979 and has an capacity of 4.8 mm tpy.
Before this recent transaction, the state owned 69 % of the refinery, while the remaining 31 % was held by a
private-public investment fund and the public. Akmaya's 65 % stake is part of the government share.
Akmaya holds assets in a range of companies, including steel makers, communications, banking, finance and insurance.
It also wholly owns Turkey's Sumer Bank. The purchase of the refinery is Akmaya's third investment in Romania.
