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Oltchim: Agreement on Petrom´s petrochemical activities

On 18 December 2009, Romania's largest petrochemicals group, Oltchim (Rîmnicu Vîlcea; www.oltchim.ro), and oil company Petrom (Bucharest / Romania; www.petrom.com) concluded their negotiations for transferring the petrochemical activities of Petrochemical Arges (formerly Arpechim) to Oltchim.

Oltchim will pay Petrom USD 13m for all its assets including about 150 hectares of land. It will also take over all 560 employees, who, contrary to previous reports, will keep their jobs for at least another year. At the same time, Oltchim has managed to restructure its historical debts to Petrom, which amount to EUR 26m that now have to be paid back over a period of three years.

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