“The investment is the first stage in First Reserve’s plans to build an oil and gas platform in the Central and Eastern European region,” the company said in a news release.
Amromco was founded in 2002 and it has 200 employees.
“With First Reserve’s support, Amromco will look to develop further opportunities for low risk production enhancement and moderate risk exploration opportunities amongst its existing asset portfolio, as well as looking to acquire new production assets. It will also review opportunities for growth in other Central and Eastern European countries,” the company added.
The value of the transaction and the stake bought in Amromco were not specified.
First Reserve was founded 28 years ago and has offices in Houston and London.