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Economy minister asks Arpechim to pay. Oltchim interested in acquisition

de     HotNews.ro
Miercuri, 30 mai 2007, 0:00


Economy Minister Varujan Vosganian asked Petrom on Wednesday to allocate the necessary funds for the Arpechim equipment modernization, adding that the required funds should not be a problem for the Austrian group.

Meanwhile, the Oltchim CEO Constantin Roibu declared that his company is interested in taking over Arpechim.

"The expenses demanded for fulfilling the environmental protection standards are quite modest, compared to the Petrom profits in 2006. In a few months, all five tanks can be modernized. I don't believe that Arpechim will be shut", said Varujan Vosganian.

The minister also shown that Oltchim was very affected by the Arpechim closing and that measures are needed so that the factory continues to function.

"We had a meeting with several Petrom representatives and they said the investments will be made. The state's representatives in the Petrom board have their mandated to approve the investments", said Vosganian. "It was not a matter of funds, it was a matter of schedules".

In case the Arpechim platform would be shut, one of the first victims would be Oltchim, a company which depends entirely on the raw matters produced by Arpechim.

Oltchim would lose some 30 million euros a month and would have to decrease its production 60 - 65%.

Arpechim’s integrated environment authorization was suspended on Tuesday because the plant failed to accomplish two measures of improving environment protection and safety, which were needed to fall in line with EU demands.
























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