The refinery’s land will be used as an industrial platform for other projects.
RAFO shareholders decided to mandate the refinery’s general manager to sell the company’s assets and equipment for at least their worth as scrap metal, the company said in a report to the Bucharest Stock Exchange.
RAFO is 96.51% owned by Vienna-based Petrochemical Holding, owned by Russian businessman Iakov Goldovskiy.
The proceeds from asset sales will be used to fund current activities, pay environmental dues and maintain the existing infrastructure in view of developing an industrial platform on the refinery’s land.
The Borzesti petrochemical platform, which included the refinery, was developed in 1964. RAFO was privatized in 2001 and had several owners before its activity was shut down in 2008, in view of upgrade works that were supposed to take two years to complete. The refinery was never restarted.