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May 18, 2021

State will not extend Renaissance contract for Petrom offer

The state is no longer willing to extend the contract with the Russians of Renaissance for the Petrom offer, which could mean that, this time, one of the big three names at global scale might be in charge with selling the shares, said Florin Vladan, head of the Office for State Interests and Industrial Privatisation (OPSPI), in an interview with Antena3.ro. The sale of Petrom is part of a very ambitious programme assumed by the Romanian state for this year, which includes the sale of stakes in the most important energy companies still controlled by the state. The government also intends to privatise the Oltchim Ramnicu-Valcea (OLT) chemical plant and currently is in talks with OMV Petrom for taking over the Arpechim refinery, which will be ultimately sold to the same investor that will buy Oltchim. According to Vladan, important investors are interested to purchase both Arpechim and Oltchim, but their names cannot be made public until they agree to it. The privatisation of Oltchim should be finalised by the end of this year, Vladan said, adding that the state cannot get involved in Oltchim’s debts to banks.

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