Unipetrol decided to move up by four weeks planned maintenance works at Kralupy refinery. Shut down to start Oct. 25, last up to 10 days. The maintenance works timing had been rescheduled to fit with 10 days of the temporary limitations in crude oil supplies announced by TAL. NEUTRAL, local media speculated yesterday the limitations in oil supplies could last longer what could harm Unipetrol’s financials.
Paramo sold its 100% owned subsidiary company Paramo Asfalt to the Polish company Orlen Asfalt. The agreement whereby ORLEN Asfalt is to become the sole shareholder in Paramo Asfalt was signed by the representatives of both companies in Prague. The transaction value, determined by court-appointed valuation expert, reached 116.1 million CZK.
“The sale of subsidiary company Paramo Asfalt to Orlen Asfalt is a part of the asphalt business restructuralization process in the whole Unipetrol group. A long-term contract is concluded on asphalt deliveries from Paramo production, which guarantees the asphalt purchase volumes by Paramo Asfalt,” says Milan Kuncíř, CEO of Paramo, a.s.
The sale of Paramo Asfalt to ORLEN Asfalt is the next step in the PARAMO restructuring and refinery assets’ optimization, part of which was transfer of PARAMO’s bitumen business activities to Paramo Asfalt in January 2012. The optimization shall, among others, create synergies and competitive advantages from centralization of bitumen business within Central and Eastern Europe, secure stable and long-term off-take of bitumen products from Litvínov and Pardubice plants and transfer their trading risk while focusing on production efficiency.
Paramo Asfalt started its activities on 1 February 2012 and it provides all services in the area of asphalt sale from Pardubice and from refineries in Litvínov, Trzebinia and Plock.