Slovenia's Petrol becomes 100% owner of Nafta Geoterm

Slovenian energy company Petrol [LJE:PETG] said on Friday it has become 100% owner of local company Nafta Geoterm, seeing growth opportunities ahead in services related to geothermal energy.

Over the next two years and a half, about 4.5 million euro ($5.8 million) is projected to be invested in the development of Nafta Geoterm’s activities and in the creation of new jobs, Petrol said in a bourse filing.

Petrol said it is interested in further development and upgrading of Nafta Geoterm’s existing business activities: mining, processing and transport of natural gas, and management and development of remote heating systems based on geothermal energy resources.

Petrol and the municipality of Lendava, where Nafta Geoterm is based, will pay special attention to upgrading the geothermal energy-powered remote heating system in the area.

The planned development of Nafta Geoterm's activities is expected to result in faster development of the Petisovci oil and gas field and to further development of geothermal energy exploitation in the region, Petrol said.

($=0.7725 euro)

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