Romania's Oltchim in advanced talks over Arpechim purchase

16 December 2009 12:29  [Source: ICIS news]

BUCHAREST (ICIS news)--Romanian chemical producer Oltchim is in advanced talks with oil company Petrom over the purchase of its Arpechim petrochemical assets, the company said on Wednesday.

"We are waiting for the final decision from Petrom's Supervisory Board and soon after we can sign the agreement for purchasing Arpechim,” an Oltchim spokeperson said.

Arpechim's 200,000 tonne/year ethylene cracker, in Pitesti, southern Romania, is connected to Oltchim via a local pipeline.

Last month, the European Commission launched an investigation over a €49.6m ($71.9m) state guarantee to help Oltchim solve its feedstock difficulties by acquiring petrochemical assets, including the ethylene cracker from Arpechim.

Oltchim produces caustic soda, petrochemicals, agrochemicals, inorganic products and building materials, including insulating polyvinyl chloride (PVC) for panels, doors and window frames.

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By: Marian Chiriac
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