Gabriel Comanescu, from the Naval Institute to hundreds of million euros from oil

In the ten years since he entered the oil field, Constanta businessman Gabriel Comanescu, 42, has managed to set up the biggest domestic group with drilling operations, Upetrom, with turnover close to 300m euros in 2008, and with clients such as Gazprom in its portfolio.

Comanescu is one of the most discreet Romanian businesspeople, having had just one press conference with the national media so far.

The group he set up is based on two main companies, Grup Servicii Petroliere, centred on marine drilling, and Upetrom 1 Mai Ploiesti, producing equipment for the oil and gas industry. However, the group includes other firms, as well, specialising in other fields.

Comanescu has graduated from "Mircea cel Batran" Naval Institute of Constanta and the most important firms he has developed stayed at the seaside.

The businessman became interested in the oil field in 1999 by taking over Foserco and Aquafor companies. In 2001, he wins the tender for the 1 Mai Ploiesti plant, which later on became one of Comanescu's major businesses, with 87m-euro turnover in 2008.

But the businessman's businesses boomed after he entered the field of marine drilling by taking over six oil rigs from Petrol. For this, the businessman took out a 125m-euro loan from BCR, one of the biggest loans received by a Romanian entrepreneur.

Thus, through multiple acquisitions and modernisation investments, Comanescu has now come to own a structure with over 5,000 employees, including oil firms, as well as Vega five-star hotel in Mamaia.

Comanescu has meanwhile operated some changes in the asset portfolio. In late 2006, one of the six marine drilling rigs became the target of an Iranian attack, with this being the only occasion on which the businessman held a press conference to explain the incident.

With the development of Grup Servicii Petroliere, contracts became ever bigger. Thus, in 2008, GSP sealed a 100m-dollar contract with Turkey's National Oil and Gas Company (TPAO) for the construction of an offshore rig.