BUSINESS

Romanian state wants to buy Arpechim refinery

The Romanian state is interested to purchase the Arpechim oil refinery and hopes to reach a deal in acceptable conditions, the chief of the Office for State Interests and Industrial Privatisation (OPSPI), Victor Vlad Cazana said yesterday in a press conference on energy. “We hope we can reach a transaction under acceptable terms. We want to restore the raw materials supply chain of (chemical plant) Oltchim,” Cazana explained.

The general manager of Oltchim, Constantin Roibu reiterated on Money.ro an earlier statement he made at the end of March in Pitesti, confirming that he is still interested by the purchase of Arpechim and will make everything he can to reach a deal with Petrom, if the Government – which is the majority shareholder in Oltchim – will give the green light for the operation. Cazana added that it would be inopportune to privatise Oltchim now, because the chemical plant has a very low capitalisation and might return to profit if the European Commission approves the conversion of the claim held by AVAS into stock. The general manager of Oltchim voiced a similar position last February.

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