Romanian Oltchim Buys Petrom Installations For RON1.6M

05.10.2011 By Andrei Circhelan

Romanian chemical company Oltchim Ramnicu-Valcea (OLT.RO) Tuesday said it has bought several installations owned by oil company OMV Petrom (SNP.RO) in Arges county for 1.6 million lei (EUR0.4 million).

The contract was signed Monday and it enables Oltchim to take over the installations, plots spanning over a total 21,000 square meters and buildings with a total surface of 5,000 sqm.

Oltchim bought in January 2010 Petrom's petrochemistry operations at the Arpechim refinery, which it needed for raw materials.

The chemical plant's shares closed up 6.82% Tuesday, to RON0.47. Its stock is 54.79% owned by the state, while German PCC SE holds 12.15%.

Petrom, majority owned by Austria's OMV, closed down 3.1% at RON0.4155. (EUR1=RON4.0885)