Rompetrol Petrochemicals, the petrochemical unit of Rompetroloil group controlled by Kazakhstan's KazMunaiGaz state-ownedcompany, says it will invest $18m (13.5m euros) to boost by 70% thecapacity of the high-density polyethylene installation by March2011. The company's polyethylene installation was halted in 1996 asa result of the raw material shortage, and in 2007 was restarted inthe wake of several investments worth 14.5m dollars (9.8m euros).Last year, the market experienced serious problems amid the fallinginternational quotes of petrochemicals and contracting demand.Domestically, Rompetrol's move to invest in the petrochemicalsegment is all the more surprising as its direct rival Petrom lastyear decided to sell the petrochemical segment to Oltchim chemicalplant, in a 13m-euro deal. The petrochemical segment is not theonly one where Rompetrol and Petrom strategies diverge. Thus, whileRompetrol will go ahead with its plan to boost the capacity ofRompetrol Rafinare (Petromidia), Petrom announced it wanted to sellArpechim refinery and at Petrobrazi will cut the refining capacityamid an oil processing overcapacity in Europe.
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