Unipetrol Nets Positive Impact from Rafinerska Acquisition

Czech oil processing company Unipetrol expects to book an up to 400 million crown ($19.64 million) positive impact from the pending acquisition of a 32.4 percent stake in Ceska Rafinerska from ENI, head of investor relations Michal Stupavsky told Reuters on Wednesday.

Unipetrol used its right of first refusal in July and agreed to take the stake for 30 million euros in a deal that will give it 100 percent control of the refining unit.

Unipetrol took a 4.72 billion crown ($231.76 million) impairment charge on its refining assets in the second quarter due to overcapacity in the sector and past underperformance.

Reporting by Jason Hovet