Petrom closes $43m deal

SNP (National Oil Company) Petrom has recently concluded a $43m deal with a South Korean consortium comprising LG Electronics and SK Corporation, to upgrade the Arpechim Pitesti refinery. Funding will come from the $150m credit contracted by Petrom in 2002 from the European Bank for Reconstruction and Development (EBRD) and another six co-financing banks. “The contract concluded with the Korean companies aims at building a hydrofining installation, mainly to produce Euro-compliant fuels. On the other hand, we are also aiming to cut down processing costs,” Gheorghe Constantinescu, general manager of SNP Petrom told Ziarul Financiar. ZF