Acasă » Oil&Gas » Processing » Rafo`s shareholder to get 10 million euro from refinery scrap sell

Rafo`s shareholder to get 10 million euro from refinery scrap sell

3 February 2015
Bogdan Tudorache


The majority shareholder of the former refinery Rafo Oneşti, Petrochemical Holding, hopes to get about 10 million euros from the scrap sale of the refinery, told the Union leader Marian Ion.

“The majority shareholder said he would bring money and develop the refinery, we hope to keep at least two smaller modules … keeping in mind that the RAFO has Arpechim size, from its sale should result approximately 10 million euro”, the union leader said.

Petrochemical Holding decided to sell the company’s assets and equipment related to Rafo at an agreed price “based on the market price of used second-hand equipment. “But no less than “scrap price in the local market in the day of signing contracts of sale of machinery,” says in a notice for the Extraordinary General Meeting issued by the company.

The president and general manager, Miroslav Dermendjiev, could not be contacted for comments.

The document adds a mandate to the Director General to start “the procedure of sale of assets and equipment,” adds the cited document. The revenue shall be used including “obligations to the environmental agency” and for the establishment of a new industrial park.

Onești refinery ceased operations in 2008, when most workers were sent to unemployment. If until last year the unions still hoped to revitalize the refinery, the final decision taken recently clarifies the liquidation imposed by its Russian shareholders.

Established in 1956 in order to process crude oil without sulfur, RAFO have a refining capacity of 3.5 million tons per year. It was the target of scandalous takeovers, and later taken over by the current shareholders, in 2009.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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