The Austrian provider of services and equipment for the oil industry Petro Welt Technologies (PeWeTe), which entered the local market in 2018, decided to pull out of Romania due to delays and obstacles caused by Covid restrictions, Profit.ro reported.

Established in 2018, the Romanian subsidiary, PeWeTe Evo Europe, started its activity in the first quarter of 2020, after obtaining the relevant authorizations. However, the official launch was postponed due to the pandemic and took place only this summer.

 The company was launched as the new base of operations of PeWeTe in Romania and Central and Eastern Europe. However, the parent company has now decided to abandon its business in Romania, citing delays caused by the restrictions imposed in the pandemic.

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andrei@romania-insider.com