Chinese company interested in Oltchim and exploitation of oil in Romania

The representatives of a petrochemical Chinese company will meet the judicial administrators of Oltchim as they are interested to buy the state-owned company, as well as to exploit oil in Romania, out of which they could have the raw material necessary for the functioning of the company, according to ActMedia.

2015-07-16 11:58:48

Oltchim after two years of default, will close 2015 on profit, and the state-owned company could be sold most probably at the beginning of next year, stated for Mediafax the judicial administrator of the company, lawyer Gheorghe Piperea. The main raw material for Oltchim is derived from oil, ethilen and propilen which are the main raw material for the production of PVC. With these materials Oltchim could function at 65 per cent of the capacity, against 30 per cent at present.

Piperea did not mention the name of the company, but the Chinese company Junlum Petroleum CO LTD had several visits to Romania, their representatives having meetings including with the minister of economy, commerce and tourism Mihai Tudore after which visit they reiterated their interest to get involved in the process of privatisation of the chemical company.

The state-run company from Ramnicu Valcea is in default starting January 2013 and the reorganising plan includes the sale of the company for minimum 307 million Euro. The state tried several times to privatise Oltchim,but without success. At the last term, of 15 December no investor was interested in the company.

The chemical company is owned by the state through the ministry of economy with 54.8 per cent of the shares, PCC SE with 18.3182 per cent, Polyolt Holding Limited- 14.0251 per cent, other shareholders judicial persons-1,4832 per cent and natural persons shareholders-11.3673 per cent.