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Egyptian investor to buy Slovenia's Nafta Petrochem assets - report

Author Radomir Ralev
Egyptian investor to buy Slovenia's Nafta Petrochem assets - report Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

LJUBLJANA (Slovenia), January 12 (SeeNews) - Slovenian insolvent methanol maker Nafta Petrochem's creditors approved the sale of the company's assets to Egyptian company RG for Supplies Export for 2.8 million euro ($3.2 million), Ljubljana-based media reported on Wednesday.

The sale was approved by a Slovenian court after the Bank Assets Management Company, Slovenia's 'bad bank', also gave the green light to the transaction, public broadcaster RTV reported.

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The Egyptian company has established a company in Slovenia, named Marcus Aurelius, to sign an agreement for the transaction by early February, RTV reported.

RG for Supplies Export plans to relocate the equipment to Egypt and put up for sale Nafta Petrochem's real real estate in the municipality of Lendava, RTV quoted the director of Marcus Aurelius, Darja Erceg, as saying.

The assets of the insolvent company comprises land, factory, formalin reservoirs, synthetic masses and phenolic resins in the Nafta Lendava industrial zone, as well as a 51% stake in Slovenian company Industrijske storitve.

Nafta Petrochem was declared bankrupt in September 2014. In December 2019, Koper-based company Technobell agreed to acquire its assets but later withdrew from the transaction.

($ = 0.8802 euro)

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