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October 5, 2022

USD 25 M foreign investment on Romanian oil market

US oil giant Chevron has resolved to raise the share capital of Chevron Romania Exploration, a Romanian branch opened last year, according to Money.ro. Chevron Romania Holdings therefore injected USD 25 M into the said company, according to Official Journal data. Before the capital injection, the share capital of Chevron Romania Exploration and Production was only of EUR 154,000. According to a previous press release, Chevron Romania Exploration and Production intended to pair with other oil industry heavyweights in order to be granted offshore Black Sea oil field concessions in the marine areas that Romania won after the 2009 trial in The Hague. Officials with Pachiu & Associates, the law firm representing Chevron legal interests in Romania, said that the money would nonetheless go into other projects.

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