Crisana refinery put up for sale
The deadline for participation intentions and for non-binding offers for the acquisition of Crisana refinery, located in Suplacu de Barcau, Bihor County, has recently expired. According to the Euroconsult SPRL representatives, the liquidator of Ecodiesel, owner of Crisana refinery, about 10 companies have shown interest in taking over the refinery. The unit is specialized in the production of bitumen, used in road construction, a product Romania now imports in a ratio of 95%. Crisana Refinery was inaugurated in 1969, currently having a production capacity of 460,000 tons annually, of which more than half can be bitumen. The refinery had flourished until 1995, when it was privatized for the benefit of Euro Trading Chemicals, part of the Euro Columna group controlled by the former head of SRI, Virgil Magureanu. Soon, the refinery would be ‘eaten alive’ by other companies in the group, Euro House 2000 and Fertinvest Holding, which were supplied with products at production prices and then resold the goods with a profit, without paying their supplier. The refinery was closed for the first time in 2005, was reopened in 2010, to be closed down again in two years’ time. In order to recover the money owed for the delivered crude oil, Petrom took over the Crisana refinery, but under its management the level of liabilities increased.