Austrian oil field services provider Petro Welt Technologies said that it will close its operations in Romania following a series of problems due to the coronavirus pandemic.
The statement from the company said that it decided to halt its expansion in Romania and to focus on business opportunities in other markets. The equipment currently located in Romania will be shipped to Russia in order to meet the increasing demand in that market.
Petro Welt Technologies established its Romanian subsidiary in 2018 and it started operations in early 2020, after it obtained all the necessary permits during 2019.
Established in 1991, Petro Welt Technologies is one of the leading independent service providers for oil field services in Russia and Kazakhstan.
