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Lufkin Industries Inc. intends to carry out a greenfield project in Ploiesti

Supporting foreign investment is a priority of the Romanian Government, Prime Minister Emil Boc told a meeting on Monday with officials of US company Lufkin Industries Inc., which intends to carry out a greenfield project in Ploiesti.

'Supporting foreign investment is a priority for the Government I am leading. Romania's economy will recover by drawing in foreign investment and absorbing European funds,' the Government's Press Office quotes Prime Minister Boc as saying in a press release.

Lufkin Industries Inc. President and CEO John Glick is quoted as having voiced appreciation for the openness of the Romanian Government and introduced the main coordinates of the investment the company will be conducting at Aricestii Rahtivani, southern Prahova County.

Also attending the meeting at the Government House was Minister of Economy, Commerce and Business Milieu Ion Ariton.

The release mentions that the project to be developed by Lufkin Industries Inc. in 2010-2012 is for the building of a production facility for oil drilling equipment and an oil equipment service facility. The products made there will be exported to the Middle East, Central Asia, Russia, South-East Asia and the Pacific.

The investment project is worth 93.3 million euros and the number of new jobs to be created is put at 320.In order to support the Lufkin investment project, the Romanian Finance Ministry has issued financial agreement 1102.07.2010 under which a state aid worth 28.125 million euros is granted.