Amromco, one of Romania’s first private companies to produce natural gas, received the investment backing of First Reserve, which currently holds a portfolio of approximately USD 12.5 billion in the energy industry. The move will help Amromco, the third largest natural gas producer in Romania after Romgaz and Petrom, with its initial stages of building an oil and gas platform in the CEE region. They are also looking at upstream projects in the energy sector where their extraction expertise and technology can be applied profitably.
Founded in 2003 with the objective of helping existing projects maximize their production capabilities, Amromco’s management team individually have over 20 years’ worth of hands on experience in the energy exploration domain. The company currently controls enhancement activities of twenty-eight gas fields in Romania and seeks for further expansion opportunities in Central and South East Europe.
First Reserve (www.firstreserve.com)
With an exclusive investment focus on the energy sector, First Reserve has already racked up 100 acquisitions. Their investment targets are typically within the enterprise value limit of USD 10 billion, and the investor base comprises sovereign wealth funds, foundations and public retirement funds. First Reserve boasts of a collective experience pool of over 300 years investing in energy projects.