The merger will start in November this year and is meant to reduce operating costs and increase efficiency, the company said in a statement Thursday.
Rompetrol Petrochemicals’ employees will be taken over by Rompetrol Rafinare.
The decision was taken by Rompetrol Rafinare’s Managing Board Wednesday and has yet to be approved by shareholders, who will meet on August 16.
At the end of April, Rompetrol Petrochemicals’ assets were valued at $132 million, according to PricewaterhouseCoopers.
Production will not be halted during the merger, which is part of Rompetrol’s plan to merge all its production activities.
Rompetrol Petrochemicals was set up in December 2002 and is Romania’s sole propylene and polyethylene producer.
Rompetrol Group and other companies within the group control 54.63% of Rompetrol Rafinare, while the Romanian state owns 44.69% of its shares.
Rompetrol Group is owned by Kazakh state-owned company KazMunayGas.