The petrochemical activities of Rompetrol Group will be integrated in the refinery arm starting November, in a move designed to cut costs and increase the overall efficiency of the group’s operations.
The decision has been taken by the administration board of Rompetrol Rafinare on July 10 and shareholders will need to approve it on August 16.
“The integration of the two companies represents the continuation of Rompetrol Group’s strategy to concentrate the production activity in a single activity”, said Rompetrol in a statement.
Rompetrol Petrochemicals is the only producer of propylene and polyethylene in Romania. Its assets amount to USD 132 million, according an estimate of PwC, the professional services firm.
The Rompetrol Group and other group companies control a 54.6 percent stake in Rompetrol Rafinare, while the state has 44.7 percent of the shares. Rompetrol Group is owned by KazMunaiGas.