OMV’s decision to set up a separate petrochemical company from its assets in Romania, including Arpechim, has generated interest from the Romanian state.
Petrom wants to set up a firm intended for the petrochemical activities, and subsequently to sell it, while the state wants to assume or control the majority stake, in exchange for a segment of the shares held in Petrom, said the president of the Authority for State Assets Resolution, Teodor Atanasiu, quoted by Nine O’Clock.
“The measure is part of the process of modernization of Petrom and follows the international trends in this domain namely to separate chemistry from refining. Moreover, the decision will allow the management of the newly established company to focus on the possibilities to render efficient and develop this activity,” said Jeffrey Rinker, member of the Executive Committee of Petrom.
A joint commission Petrom-AVAS has been established to discuss the possible share exchange. An option would be to integrate Arpechim into another chemical plant, Oltchim, in order to create a single company, which would be later privatized by the state.