The value of the transaction was not disclosed.
“The transaction is part of the company’s strategy to consolidate its position on the Romanian market,” SOCAR Romania chief executive Hamza Karimov said.
SOCAR started operating on the Romanian fuel distribution market in 2011, following the purchase of a 90% stake in Romtranspetrol from the Berescu family. Romtranspetrol was later renamed SOCAR Petroleum.
SOCAR Petroleum currently runs 22 gas stations and employs over 300 staff. The company invested around EUR50 million in its local network since 2011.