Azerbaijan's Socar eyes Romania petchem assets

22 April 2008 13:44  [Source: ICIS news]

BUCHAREST (ICIS news)--State Oil Co of Azerbaijan (Socar) is interested in acquiring Romanian refinery Arpechim as well as a majority stake in pesticides and plastics manufacturer Oltchim, the state energy firm said on Tuesday.

"We are interested in petchem Romanian assets," said Hamza Karimov, Socar representative for Romania said.

"Following our acquisition of Turkey's Petkim, we plan to develop a regional strategy for further operational integration of both Oltchim and Petkim."

The Romanian government hopes to sell Oltchim by the end of the year. The Arpechim petrochemical plant is owned by oil and chemicals group Petrom.

Oltchim approved plans last October for the acquisition of Arges, also owned by Petrom, and for an investment of €100m ($159m) in an ethylene steam cracker.

($1 = €0.63)

By: Marian Chiriac
+44 20 8652 3214

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