Tuesday, December 22, 2009

Romania's Oltchim buys Petrom assets for 13 mln eur

BUCHAREST, Dec 18 (Reuters) - Petrom SNPP.BX, Romania's biggest oil and gas company, said on Friday it has sold its petrochemical assets to state-owned chemical company Oltchim OLTC.BX for 13 million euros ($18.71 million).

"The transfer of these assets is based on Petrom's management decision to focus on core operations," the company said in a statement. "Petrochemicals was a secondary activity."

The transaction also includes a restructuring of Oltchim's 112.4 million lei ($38.44 million) debt to Petrom, which is majority owned by Austria's OMV (OMVV.VI). ($1=.6949 euros) ($1=2.924 lei)

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