Romania wants to buy back Arpechim refinery from OMV Petrom.

By bne IntelliNews September 12, 2011
Romanias economy minister Ion Ariton informed OMV Petrom of the governments intentions to buy back oil refinery Arpechim and the companys officials agreed to start negotiations as soon as possible, the ministry said in a news release. We recall that OMV Petrom decided earlier this year to permanently shut down the refinery, which was the smaller of the two, owned by Petrom. There was no suitable buyer for the refinery, Petrom announced at the time. The closure of the refinery, however, puts at risk the development plans of the state-owned chemical plant Oltchim that had already purchased the Arpechim petrochemical unit last year. OMV purchased 33.3% of Petrom for EUR 669mn back in 2004 and further increased its participation to 51% under an EUR 831mn capital increase.

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