Romanians call for deals to solve crisis

21 August 1995 00:00  [Source: ICB]

THE FAILURE of the Romanian government to privatise its petrochemical industry has led managers to call for jvs with Western firms or the creation of a holding company for the whole sector to solve the deepening crisis.

At a meeting organised by the daily newspaper Adevarul in Ploiesti last week Emil Calota, deputy general director of Rafirom, proposed trying to secure a deal similar to that between the Czech Republic and the IOC consortium of Shell, Agip and Conoco.

Another option, backed by the industry ministry, is to create a holding company to oversee the management of the country's refineries and petrochemical plants, plus the distribution network. This has been coldly received by the rest of the government.

Vasile Porcisteanu, deputy general director of Petromidia, said technology remains at the same level as in 1976.

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