Report Published: "Romania Petrochemicals Report Q1 2015"

From: Fast Market Research, Inc.
Published: Fri Dec 12 2014

The Romanian petrochemicals market is set for strong growth as end-use markets, particularly the automotive sector, report strong growth. But BMI's latest Romania Petrochemicals warns that local producers will struggle to fulfil demand, particularly with troubled local PVC producer Oltchim operating well below operational capacity. As such, the country will witness rising petrochemicals imports at least over the short term.

The petrochemicals sector remains in a strong position, but growth is now moderating in line with an overall slowdown in export markets. In the first seven months of 2014, chemicals output grew 3.0% and rubber and plastic grew 8.2%, compared to the industrial average of 8.8%. This follows 11.7% growth in rubber and plastic and 12.5% growth in chemicals in 2013. Further growth could be expected if Oltchim is brought back into full operation, although this depends in its successful acquisition by a private investor as well as greater security in competitively priced feedstock supply.

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The government has so far failed to sell off the loss-making Oltchim, which filed for insolvency in January 2013. Having created a debt-free version of the firm, the government has indicated that new potential foreign backers had been found with discussions ongoing in Q414.

Meanwhile, uncertainty was lifted from Lukoil's operations in October 2014 when the authorities ended a freeze imposed on its assets and operations. The asset freeze had been imposed following investigations into tax evasion and money laundering worth EUR230mn (USD290mn). The company stated that it is now preparing to restart operations at its Petrotel refinery in Romania after a judgement by a court that the freeze imposed on its bank accounts, assets and refining operations can be removed. However, the investigation into the tax evasion and money laundering will continue.

* Romania's economic activity is set to outperform most of Central Europe in 2015 and will be less reliant on exports for...

The Romania Petrochemicals Report has been researched at source, and features Business Monitor International (BMI)'s market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's Romania Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Romanian petrochemicals industry.

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