In May 2007, the Romanian ambassador to Saudi Arabia said that Saudi investors had made total investments of US$2.2 billion in Romania to date.[16] For example, in 2001 it was reported that the Amiantit group of Saudi Arabia planned to invest at least 54M euro in existing pipe production units in Romania, and that the value of the group's production in Romania would rise to 109M euro a year.[17] Another example was the 2007 acquisition of a controlling stake in Romania's state-owned Electroputere by a subsidiary of the Saudi Mada Group, which bought the controlling stake in the Romanian manufacturer of train engines, generators and electrical transformers for $174 million, and intends to invest $1 billion to modernize the company.