A unit of Coastal Corp., Houston, has agreed with Romania's Arpechim SA to form jointly owned companies to study the feasibility of setting up an enterprise involving Arpechim's 150,000 Pitesti, Romania, refinery.
Coastal Petroleum NY said the enterprise, when in operation, will acquire crude oil and other feedstocks, arrange for processing to capacity of the Arpechim refinery and associated petrochemical complex 75 miles northwest of Bucharest, and sell petroleum products and petrochemicals in Romania and internationally.
The first step for the enterprise will be a study to determine how best to improve production and enhance the Arpechim complex.
The new jointly owned companies also will consider constructing a products pipeline from Pitesti to Constanza, Romania, or other sites, as well, as other projects to upgrade the refinery's facilities and operation.
The venture at first will consist of two companies to conduct processing and marketing.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
