Ministry of Economy to takeover petrochemical division of Petrom

08-May-09

Romania’s Economy Ministry will pay Petrom €150 mln to take over the petrochemical division Petrochemicals Arges (formerly known as Arpechim). Petrom’s solitary condition in handing over the petrochem division was to pay the debts of €150 mln that Arpechim had to repay to state-run chemical producer Oltchim. Petrom is 51.01% controlled by the Austrian group OMV. Romania’s Economy Ministry holds a 20.64% stake and the Fondu Proprietatea set up to compensate people who lost properties to the communist regime controls 20.11%.