EnglishPetrom is considering setting up a company to handle the petrochemical operations of Arpechim in order to separate petrochemical activities from refinery activities. The matter has also been discussed with Oltchim. In a draft press release posted on Petrom"s website and later recalled, the company mentioned that the future company was going to be called Petrochemical Arges and would be exclusively dedicated to Arpechim"s petrochemical operations. Petrom"s Communication Manager Dan Pazara told NewsIn that the company was having talks with Oltchim to find an optimal choice for both entities. Oltchim on February 8th announced they had started negotiations with Petrom to acquire the pyrolysis unit of Arpechim. Oltchim needs the pyrolysis unit to become independent in terms of raw materials supply, whereas Arpechim"s pyrolysis unit produces two of the key raw materials used by Oltchim, ethylene and propylene. Petrom controls the refineries Arpechim and Petrobrazi and is controlled by OMV.
Petrom May Set Up Petrochemistry Subsidiary
F.A.
Ziarul BURSA #English Section / 21 februarie 2007
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