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China GM Investments takes over oil firm Zeta Petroleum Romania

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Chinese company GM Investment & Co Limited has acquired the oil firm Zeta Petroleum Romania from the British group Zeta Petroleum. The transfer of shares was made by settling a EUR 2.6 million debt.

For the first time, a Chinese company will be directly involved in extracting oil and gas in Romania.

The British company has decided to leave its operations in Romania, as it could not afford anymore to pay for the expenses of the Romanian subsidiaries, reports local Economica.net. These include Zeta Petroleum (Romania) SRL, Zeta Petroleum (Suceava) SRL, and Zeta Petroleum (Bobocu) SRL.

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The costs for keeping the activity of these subsidiaries for one year amount to EUR 1.55 million.

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