Petrolexportimport goes insolvent after 70 years of existence
Petrolexportimport, an importer of petroleum products established 70 years ago, will become insolvent, the application to open the simplified insolvency proceedings following to be approved in the Extraordinary General Meeting of Shareholders scheduled for 1 October.
“The Board of Directors of Petrolexportimport informs investors and shareholders that, following the analysis of the annual financial statements for the financial year ending on 31 December 2017 and of the interim financial statements prepared on 30 June 2018, it has found that the net asset of the company calculated as difference between total assets and total debts fell to less than half of the value of the paid-in capital, recording negative values; at the request of creditor Piraeus Bank Romania, in the enforcement file no. 103 EP/2018 the property located in Bucharest, 72 Unirii Blvd., bl. J3C, Section 1, District 3, has been foreclosed. The Board of Directors, finding the insolvency of the company, will convene the Extraordinary General Meeting of Shareholders and propose for approval the formulation of the application for opening the simplified insolvency proceedings according to Law no. 85 of 25 June 2014 on insolvency and insolvency prevention procedures, also considering the concurrent dissolution causes from § 1.”
The company was established in 1948, having as main object of activity the export of crude oil and all petroleum derivatives. As of 1 January 1991, it was transformed into a joint-stock company, being the main foreign trade agent in the field of import of crude oil and export of petroleum products for the Romanian refining system.
Until 1997, Petrolexportimport has held the monopoly of import and export of crude oil and petroleum products through the refining system in Romania. Since 9 May 2000, the company was fully privatized.
Currently, Petrolexportimport imports and sells petroleum products, petrochemical products and additives for Romanian refineries, as well as for other domestic customers, through a distribution network.
