Romanians take the helm of Gazprom România amid significant changes
Two Romanian entrepreneurs have taken over Gazprom România, marking a significant shift in the local energy landscape. This acquisition, however, requires a specific economic sanction waiver from the U.S. Treasury's Office of Foreign Assets Control (OFAC) for completion.
The new owners, Adrian Crețoiu and Iulian Stanciu, hold 60% and 40% stakes in Argenta SRL, the metal construction firm that recently acquired the capital of NIS Petrol. Stanciu, who previously led eMAG, and Crețoiu took control of Argenta SRL last year from the GSP group.
In a strategic move, Argenta SRL also controls Foraj Sonde Videle, which recently acquired Raffles Energy, a UK-based holding company. Raffles Energy holds full ownership of Raffles Energy SRL and Zenith Resources SRL, both active in the natural gas and electricity production sectors.
NIS Petrol, the Romanian division of Naftna Industrija Srbije (NIS), is currently under U.S. sanctions due to its Russian ownership. It operates in crude oil development, production, and marketing and has been facing financial challenges since its entry into the Romanian market in 2012. The company reported cumulative losses exceeding 600 million lei.
Amid these challenges, NIS has been exploring the possibility of exiting Romania if issues persist, while also seeking to sell its network of Gazprom-branded gas stations in the country. NIS Petrol operates four major hydrocarbon perimeters in Romania and has been struggling with continuous financial losses, posting over 94 million lei in losses last year alone, with total revenues of about 205 million lei.
Despite the hurdles, the acquisition is viewed as a vertical integration, and with market shares of the involved parties below 30%, it is not expected to hinder effective competition in the Romanian market. The Competition Council has issued a non-objection decision regarding the transaction, paving the way for the new owners to potentially revitalize the operations of NIS Petrol.