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May 12 2014

Press Release on the Swedish – Romanian – Saudi Arabian joint Venture

Bucharest – Stockholm 12th of May 2014

Following the joint venture agreement between the Swedish company, Stockholm Vind AB and the Romanian partner, Petroconstruct Group SRL, a meeting between the two parties and Stockholm Vind AB’s partner from the Kingdom of Saudi Arabia, Al Asfer Est., a joint meeting has been held in Istanbul, Turkey between the 6th and 9th of May 2014.

IstanbulThe meeting laid the grounds for the start of the building project in the Kingdom of Saudi Arabia to be executed by the parties where the Saudi partner is the main contractor.

The estimated value of the first project to be executed by Petroconstruct Group SRL, a 100% Romanian owned company together with its partners, is of 54 million € during the 2014 and next fiscal years.

The project will start during the next few months and will bring new jobs for a large number of individuals as well as new businesses and opportunities for suppliers and subcontractors of Petroconstruct Group SRL as well as tax revenues for Romania.

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