15 July 2013 16:38 [Source: ICIS news]
LONDON (ICIS)--The petrochemical division of Romania's Rompetrol Group is set to be integrated into the company's refinery arm, Rompetrol said on Monday.
The integration of Rompetrol Petrochemicals into Rompetrol Rafinare would lead to substantial savings and greater operational efficiency, it added.
The decision to combine the refining and petrochemical units, made by the Rompetrol Rafinare management board, was subject to a shareholders' vote scheduled for 16 August, Rompetrol Group said.
Rompetrol Petrochemicals, which operates the Petromidia Petrochemical Complex at the Petromidia Refinery in Navodari, near Constanta, on southeastern Romania's Black Sea coast, is the only Romanian producer of polyethylene (PE) and polypropylene (PP).
Its plants at the complex, established in the 1980s, include a 100,000 tonne/year high density polyethylene (HDPE) installation and a 60,000 tonne/year low density polyethylene (LDPE) unit.
Rompetrol Rafinare is 54.6% owned by the Rompetrol Group and other group companies, while the state is the other major shareholder.
Rompetrol Group is owned by Kazakhstan's KazMunayGas (KMG).
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