Petrolexportimport SA, the importer of petroleum products, will be insolvent, the application to open the simplified insolvency proceedings must be approved by the Extraordinary General Meeting of Shareholders on 1 October, according to news.ro.
"The Board of Directors of Petrolexportimport SA informs investors and shareholders that, after analyzing the financial statements for the year ended 31 December 2017 and the interim financial statements prepared on 30 June 2018, it has determined that the net assets of the company are calculated if the difference between the total assets reduced the total debt to less than half of the value of the issued share capital and noted negative values ", Thursday shows a document submitted by the Bucharest Stock Exchange (BVB).
At the request of the creditor of Piraeus Bank Romania, the building was also executed at the Bulevardul Unirii in Bucharest.
The company was founded in 1948 and had as its main activity the export of oil and all petroleum derivatives. Since 1 January 1991, it has become a public limited company, being the leading foreign agent in the field of oil imports and the export of petroleum products to the Romanian refining system. Until 1997, Petrolexportimport had the monopoly on the import and export of crude oil products for the Romanian refining system, according to news.ro.
Since 9 May 2000 the company has been fully privatized. Petroleum export imports are currently importing and selling petroleum products, petrochemicals and additives to Romanian refineries and other household customers via a distribution network.