Romanian Astra crude oil refinery to be shut down

Nov 04, 2004 01:00 AM

Shareholders in the Romanian crude oil refinery Astra has decided to shut down the refinery and put it into conservation, as higher international oil prices eroded the refinery activity.
Some 600 employees will be laid off by December 17 this year, while an additional 135 staff will become redundant in January 2005.

Astra reported a 2003 loss of ROL 233 bn on a turnover of ROL 3.3 tn. Over the first six months this year, Astra announced a loss of ROL 1.2 bn on a turnover of ROL 1.3 tn.
Astra main shareholders include British Virgine Islands-based Kreyton fund with 47.07 %, local trader Interagro with 6.54 % stake. Local insurer Asirom and Cyprus-based Broadhurst has 21.89 % and 13.01 % stake each.

Source: InvestRomania
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