“Arpechim has ceased operation. We will use some of its fixed assets as terminals for crude oil and oil products. They need authorization to operate as warehouses,” Gheorghe said.
Gheorghe announced in February unprofitable Arpechim would be dismantled unless a suitable buyer was found.
Arpechim has been the main supplier of insolvent chemical plant Oltchim Ramnicu Valcea. In 2009, Oltchim bought the petrochemical business of Arpechim refinery for around EUR13 million. The chemical plant announced plans to take over the remaining assets of Arpechim, but the deal was never finalized.
Petrom and Oltchim published earlier Tuesday their financial results for the first half of the year.
The oil company’s net profit climbed 18% in the first half of 2013 to 2.393 billion lei (EUR545 million), while its sales fell 5% to RON11.576 billion.
Oltchim reduced loss to RON147.4 million in the first six months from RON182.2 million in the similar interval a year ago. (EUR1=RON4.425)