Romania: Petrom Refinery Affected By Lower Demand
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Tuesday, 18 November 2008 |
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Petrom, owned by Austria's OMV, has reduced production at its Arpechim refinery.
"The activity at the pyrolysis unit at Arpechim was halted
temporarily after Oltchim, one of our main clients, said they will
reduce activity," Petrom, the country's largest oil company, said in a
statement emailed to media. The company said none of Petrom's workers
would be affected by the shutdown of the unit, which produces ethylene
and propylene.
Last week, Petrom reported a 5 percent fall in third-quarter net
profit, due to a one-off impairment charge to the book value of the
Arpechim refinery. Its net profit was 626 million lei ($218 million)
while sales rose 46 percent to 4.733 billion lei. The group's results
beat market expectations as it had hedged to mitigate the impact of
falling oil prices.
PetrolWorld 131108
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