Nawaf Salameh Family Office, controlled by Romanian businessman of Syrian origin Nawaf Salameh, announced it took over the Octogon Gas & Logistics liquefied petroleum gas (LPG) terminal in Constanta port, developed by local entrepreneur Corneliu Idu, according to Economica.

Developed in 2010, the terminal is a gateway for LPG imports through the Port of Constanta.

The investor says the acquisition aligns with Nawaf Salameh Family Office's expansion into green energy.

Earlier this year, Salameh's companies received technical approval for the connection of a wind farm and a photovoltaic park, of 223.2MW and 220.8MW respectively, located in Constanța.

The terminal taken over by Salameh’s holding has a strategic importance for Romania and the investor implied that the takeover had prior approval from the government.

"We are honoured by the approval of the government of Romania and the recognition that the acquisition of Octogon Gas & Logistics strengthens the country's energy security,” it said. 

The Octogon Gas & Logistics Terminal was developed in 2010 with a €15mn investment. The terminal covers an area of 2.39 hectares and has a storage capacity of 4,000 cubic metres of liquified gas.

In 2023, Octogon Gas & Logistics SRL had a turnover of €2.6mn and losses of €0.45mn. The company also had negative equity, as the value of its debts (€13mn) was higher than the book value of its assets.

Nawaf Salameh Family Office, founded by Salameh, is an investment firm known for its strategic investments in various sectors, including real estate, hospitality, agriculture, green energy, and now other types of energy. The Nawaf Salameh Family Office also owns Alexandrion Group, a leader in the spirits and sparkling wine markets in Romania.