RAFO Oneşti was one of the largest

oil refineries An oil refinery or petroleum refinery is an industrial process plant where petroleum (crude oil) is transformed and refined into products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied pet ...

Romania Romania is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern and Southeast Europe. It borders Ukraine to the north and east, Hungary to the west, Serbia to the southwest, Bulgaria to the south, Moldova to ...

and

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with an annual total refining capacity of 3.5 million tonnes of oil. The refinery was

privatised Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation wh ...

in 2001 with the major stock of 60% being sold to

Imperial Oil Imperial Oil Limited () is a Canadian petroleum company. It is Canada's second-largest integrated oil company. It is majority-owned by American oil company ExxonMobil, with a 69.6% ownership stake in the company. It is a producer of crude oil, ...

and Canyon Servicos for around US$7.5 million. The

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture ...

company Balkan Petroleum bought the refinery from those companies in 2003. In November 2006, Calder - A bought the refinery and paid all its debts to the state budget. Until November 2007 the company paid debts worth around US$380 million and increased the capital by

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

860 million. The company also operated a chain of 290 gas stations, of which it owned 45, the rest being business associations. In 2007, Petrochemical Holding GmbH acquired 98% of the company's shares, later the debts of RAFO were swapped for equity. As a result, Petrochemical Holding GmbH became 96.5% shareholder of RAFO. In 2008, the company stopped production, because it was no longer possible to renew its operating licence, as the facility could not comply with environmental legislation requirements. It entered insolvency in 2014 and in September 2019 it went bankrupt after the plan for its restructuring failed. The majority shareholder, Petrochemical Holding, registered in Austria and owned by Russian investor Iakov Goldovski is owed around EUR 71 million. The refinery was placed on the market before being sold to Romanian railway transport group Grampet for EUR 6 million for use as a logistics hub.

References

External links

Official site
{{DEFAULTSORT:Rafo Onesti Oil and gas companies of Romania Oil refineries in Romania Privatized companies in Romania Companies listed on the Bucharest Stock Exchange Companies of Bacău County

See also

References

External links