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US company to invest 126 million USD in construction of oil equipment factory near Ploiesti, Romania

de V.O.
Vineri, 9 iulie 2010, 16:49 English | Business

US company Lufkin Industries, a provider of oil industry equipment and services, planes to build a factory near Ploiesti, north of Bucharest in Romania. The investment is evaluated at 126 million USD. The factory would be built on a 33 ha plot of land and would provide 300 jobs by the end of construction works in 2012.

According to a company press release, the Government of Romania through the Finance Ministry agreed to provide stimuly for development and financial assistance of 28 million euro, or 30% of the factory costs.

The press release quotes Lufkin Industries manager Jay Glick according to whom the operation in Romania is an important step in the company strategy to expand geographically for a better service for clients. He said the establishment of an operation in Romania brings advantages to the company as it becomes a regional energy hub due to the political stability provided by the EU accession and the benefits brought by the country's tradition in oil activities.

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