EnglishShareholders in Astra Romana Refinery approved the sale of a 74 hectare plot in Ploiesti and the buildings on it to pay debts to oil suppliers, according to an announcement to the Bucharest Stock Exchange (BSE). The refinery will also sell their stock portfolio to pay debts to the local authorities.
Production is currently on hold. The refinery is controlled by the investment fund Kreyton with 47.45%, followed by the insurer Asirom with 21.89% and Interagro with 6.54%. Last year"s losses amounted to 19.7 million RON, following a net profit of 2.29 million RON in 2005. The turnover plunged 58.4% in 2006 to 9.03 million RON, compared to 15.48 million RON in the previous year.
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