BUSINESS

Vosganian: OMV Petrom won’t demolish Arpechim refinery

Economy Minister Varujan Vosganian states that OMV Petrom will not demolish the Arpechim Pitesti refinery as the oil company’s leadership announced on Thursday, but will remain at the government’s “disposal” to the extent the state will find a solution of integrating the refinery with the Oltchim chemical plant, Mediafax informs. “This morning (Friday – editor’s note) I had consultations with the OMV Petrom leadership and I am mandated to tell you that OMV Petrom will correlate its strategy concerning Arpechim with the strategy concerning the reorganization of Oltchim, so that OMV Petrom will support Oltchim’s efforts to reorganize and restart its whole activity,” Vosganian stated on Friday. OMV Petrom general manager Mariana Gheorghe had stated on Thursday that the Arpechim refinery will be demolished if selling it is not possible. Arpechim is the main raw materials supplier for the insolvent Oltchim Ramnicu Valcea plant. Likewise, Minister Vosganian also stated that Invest Nikarom, the company that is the new owner of Russia’s Mechel Group’s former Romanian steel plants, will restart the production at the plants in Targoviste and Buzau in March and could consider the re-sale of the plants in Braila and Campia Turzii if buyers are found. “The shareholder did not rule out the possibility of layoffs, but put it in the context of the success of this strategy (…) nor the hypothesis of selling them if there is an investor to buy them,” Economy Minister Varujan Vosganian stated on Friday. On Friday he met Viktor Chumakov, one of the associates of Nikarom Invest, the company that bought for the symbolic sum of EUR 52 all five steel plants that Russia’s Mechel Group previously owned in Romania.

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