May 25 (SeeNews) - The Romanian unit of Hungarian oil and gas group MOL said on Thursday that it will invest 2.3 million euro ($2.58 million) in a new liquefied petroleum gas (LPG) terminal at Tileagd in Bihor county, in northwestern Romania.
The terminal, which will become fully operational in the second half of this year, will be equipped with four tanks with a total capacity of 600 cubic meters, the company said in a press release. It is MOL's first investment in an LPG terminal in Romania.
"It is an investment decision that shows MOL Romania's interest in diversifying the business and portfolio of services and products made available to customers," country chairman and CEO of MOL Romania Camelia Ene said.
MOL already operates a petroleum products warehouse at Tileagd, which it inaugurated in 1999. The warehouse is operated by 20 employees and supplies about half of MOL's gas station network in Romania.
The company also manages a storage unit for petroleum products in Giurgiu. The Giurgiu warehouse, which has direct access to river transport on the Danube, was commissioned in the spring of 2013 and is operated by 14 employees.
MOL entered the Romanian market 21 years ago and had a total network of 206 gas filling stations at end-December. In 2015, it bought from Italy's Eni 208 gas stations in Romania, Czech Republic and Slovakia. Eni operated 42 gas stations in Romania under the Agip brand.
MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, with operations in over 30 countries and about 25,000 employees worldwide.
($=0.8909 euro)
MOL Romania Petroleum Products SRL is among the biggest companies in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here