Romania To Take Over Arpechim Refinery By End-April - Prefect
Romania’s Government will take over the Arpechim refinery from oil company OMV Petrom (SNP.RO) by the end of April this year, as talks are nearing conclusion, Monday said Gheorghe Davidescu, Arges county prefect.
“(The Government) will take over Arpechim, talks are in the final stages with OMV. (…) In April, at the latest, Arpechim will run as a state-owned company. The next step will be privatization together with Oltchim (OLT.RO),” Davidescu told a news conference.
The Arpechim refinery, 100 km West of Bucharest, currently has 600 employees, but 259 of them are about to be laid off.
OMV Petrom announced in March last year that it would permanently shut down Arpechim, for lack of a “credible” buyer. The unit was to be transformed into a storage facility for crude oil and oil products. Following this announcement, the government started talks with the oil company, in view of restarting the refinery.
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