The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Coke And Refined Petroleum Products Manufacture Of Coke And Refined Petroleum Products 19.2 - Manufacture of refined petroleum products
397 - 400 jobs Number of planned job losses
Announcement Date
1 April 2005
Employment effect (start)
1 April 2005
Foreseen end date
Description
Refinery Petrolsub, based in Suplacu de Barcău (Vest region), closed down on 1 April 2005 and more than 400 employees were made redundant. The reason behind this decision is the expiry of the validity of the agreement on crude oil processing, concluded between the refinery and Petrom, the sole provider of raw materials. Both CEO and the financial director handed in their resignations on 2 March 2005 with a 30-day notice. Since the Council of Administration could not be convened, no redundancy specific measures were taken, and the redundant employees will receive no compensatory pay. Another issue is that workers have gone without their monthly pay; it was only at the end of March 2005 that they received their February wages. The trade union has sued the management for non-observance of the collective agreement and even met with the Minister of Labour, but the shareholders could not be reached and there is no resolution for their claims.
Sources
14 April 2005: Curentul
1 April 2005: Ziarul Financiar
Citation
Eurofound (2005), Petrolsub, Closure in Romania, factsheet number 61407, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61407.
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