The government decision approving the sealing of Petrom’s privatisation contract with the Austrians from OMV surprisingly leaves an open door for associations with other investors in the case of the Arpechim Pitesti petrochemical complex.
Information has been recently circulating on the market suggesting that Arpechim will exit Petrom’s structure and is likely to merge with chemical plant Oltchim Ramnicu Valcea.
Article 5 of the government decision approving the sealing of Petrom’s privatisation contract reads as follows: “SNP Petrom SA Bucharest can apply restructuring programmes prior to or in the wake of the transfer of the ownership right over the shares that are included in the contract stipulated, through the establishment of one or several limited liability companies, in which SNP would be the sole or main associate. In the case of these commercial companies, contributions in kind will be constituted, in line with the contract, by goods owned by SNP, linked to the refinery and Arpechim petrochemical complex, the fertiliser plant of Doljchim, the oil field of Suplacu de Barcau, as well as some fuel stations.” Sources close to the privatisation process state that the stipulation was added at the request of OMV, which from the very beginning wanted to have this possibility of incorporating companies Petrom would be the majority stakeholder in.
The Romanian state pledged to privatise Petrom in its integrated form, as stipulated by the company’s privatisation strategy.
Should it choose to change the conditions pertaining to the privatisation process by taking some assets out of Petrom’s portfolio, the state would risk being sued by other investors that have participated in this privatisation race.
The privatisation of Oltchim Ramnicu Valcea has attracted the interest of the Russian LukOil group and that of the private oil group Rompetrol, both with capacities in the petrochemical field.
These investors and the state have so far suggested that Oltchim and Arpechim should function in the integrated form in which they were created. Through this legal document, OMV can form partnerships with other investors to set up a commercial company owning Arpechim Pitesti and subsequently sell its participation in the respective company.
In fact, this legal document could portend a reshuffling of Petrom’s operations by OMV.
adrian.mirsanu@zf.ro