Thus, Petrom has negotiated or signed loans of over €1.4 bln in four months, most of which are for investments, and has approved an agreement with the state-owned Oltchim company to sell its petrochemical division of the Arpechim refinery for €1, considering the latter is taking over all debts and other commitments. In August 2008, Petrom said it had set up a provision worth RON 446.6 million, in case it loses the law suits. Company officials said that uncertainties regarding the law suits initiated by employees, together with the financial crisis and the negative context of the oil and gas industry, will have a negative impact on the company’s financial situation and job safety. Petrom representatives told the Mediafax news agency that this situation is due to the fact that measures taken several years prior to the company’s privatization were expressed in the Collective Work Contract in interpretable language. Petrom started a restructuring program in 2005, which involves annual layoffs. According to its personnel strategy, Petrom will have 22,630 employees by the end of 2009.
