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MOLDOVA


CAPITAL: Chisinau

MONETARY UNIT: Leu

REFINING CAPACITY: 0

OIL PRODUCTION: 0

OIL RESERVES: Undetermined

GAS RESERVES: Undetermined

SNP Petrom SA, Romania`s state-owned oil company, was negotiating to acquire Moldova`s state oil company, Tirex Petrol.

The Romanian Industry Ministry said buying Tirex Petrol would enhance Petrom`s operations and financial standing.

Romania owned 92.4% of Petrom, but it planned to reduce that ownership in future stock offerings. Romanian law required the government to retain a majority ownership.

Tirex Petrol owned 68% of products distribution and its service station network had 40% of gasoline marketing in Moldova.

Moldova owed Romania money for electricity imports, and the Romanian Industry Ministry said that debt could be excused as part of the purchase of the government`s 83.3% stake in Tirex Petrol.

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