Rompetrol Petrochemicals invests in PET production

Rompetrol Petrochemicals, the petrochemical division of Rompetrol Group, 100% owned by Rompetrol Rafinare (Rompetrol Refining), will build a PET plant (PET – raw material from which plastic objects are made) by the end of 2007. The investment could amount to 80 million euros, about 50 million euros of which could come from a bank line of credit, according to a document issued by the company at the end of last year, which was recently published in the Official Gazette. “The amounts mentioned there are original estimates we made, so right now we cannot say what the precise value of the investment is or what the means of funding are,” stated the representatives of Rompetrol Petrochemicals. “Anyway, the installation is to become operational at the end of 2007, according to the original plan,” added the quoted sources. The company, which is involved in an extensive investment programme, will have a new general manager, Dumitru Niculi, after the resignation of Florin Andrei from his positions as chairman of the Board of Directors and manager.