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Closed Oil Refinery in Romania, on Sale for USD 60 Mln

The Rafo Onesti industrial platform, which includes one of Romania’s largest oil refineries, was put up for sale for a price of USD 59.5 million plus VAT, according to local Profit.ro.

The refinery was closed in 2008 to undergo a modernization program but hasn’t been reopened since.

In 2016, the company that operates the refinery went into insolvency. It has some RON 330 million (EUR 71 million) debts, mostly to its majority shareholder, Petrochemical Holding, a group registered in Austria and owned by Russian investor Iakov Goldovski.

The platform’s buyer should maintain the refinery’s activity for at least five years and prevent it from being dismantled.

(romania-insider.com)

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