SovRom

The SovRoms (plural of SovRom) were economic enterprises established in Romania following the Communist takeover at the end of World War II, in place until 1954–1956 (when they were dissolved by the Romanian authorities).

In theory, SovRoms were joint Romanian-Soviet ventures aimed at generating revenue for reconstruction, and were created on a half-share basis in respect to the two states; however, they were mainly designed as a means to ensure resources for the Soviet side, and generally contributed to draining Romania's resources (in addition to the war reparations demanded by the armistice convention of 1944 and the Paris Peace Treaties, which had been set at 300 million United States dollars—see Romania during World War II). The Soviet contribution in creating the SovRoms lay mostly in reselling leftover German equipment to Romania, which was systematically overvalued.

An agreement between the two countries regarding the establishment of common enterprises was signed in Moscow on May 8, 1945, at a time when Romania found itself in economic isolation.

The first SovRom to be created (on July 17, 1945), was Sovrompetrol, which had as its objective the exploitation of petroleum in Prahova County areas and the oil refineries in Ploieşti. By 1947, it was responsible for 37% of oil drilling, some 30% of the total production of crude oil, and over 36% of refined oil, controlling 37% of internal oil supplies and 38% of external ones.

Sovrompetrol was followed by Sovromtransport and Tars (transportation), and later by Sovrombanc (banking and commercial monopoly), Sovromlemn (wood processing), Sovromgaz (natural gas), Sovromasigurare (insurance), Sovromcărbune (coal exploitation in the Jiu Valley and other areas), Sovromchim (chemical industry), Sovromconstrucţii (construction materials), Sovrommetal (iron extraction — around Reşiţa), Sovromtractor (future Tractorul, in Braşov), Sovromfilm (importing Soviet cinema productions), Sovrom Utilaj Petrolier (producing oil refining equipment) and Sovromnaval (shipbuilding in Constanţa, Giurgiu, and Brăila).

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