Chimcomplex to invest 2.2 billion Euro in ‘major biochemistry project’ in Iași

Chimcomplex, Romania’s chemical industry leader, has recently submitted a bid to take over the heating service concession in Iași as part of a large-scale industrial development project named Iași Biochemistry Plant. This project, currently in its preliminary study phase, involves an investment of approximately 2.2 billion Euro over a period of 10 years and is part of CRC Group’s long-term strategy to support the reindustrialization of the country using modern and sustainable technologies.

Ștefan Vuza, President of Chimcomplex, stated: “Our participation in this tender represents a first step in a broader project dedicated to developing the modern chemical industry in Iași. It is important to emphasize that our interest is not in the heating sector per se, but in supporting a major industrial project. This project involves the construction of a high-efficiency cogeneration plant in Holboca, which will serve the new ‘Iași Biochemistry Plant’. The plant will generate both electricity and heat for the complex, with any excess thermal energy being supplied to the city’s heating system at a very low cost, nearly zero.

The eight factories on the industrial platform will use only biochemical technologies, hence the name. The large-scale production platforms will remain in Onești and Vâlcea, and a Research Center will also be established in Buzău.

The cogeneration plant will be dedicated to producing electricity and heat for the new industrial complex, but a significant portion will be allocated to providing hot water for the city. This will allow us to subsidize the cost of delivering thermal energy to the city. Of course, the final price for citizens will include a distribution cost, which is beyond our control. However, the final price will be the lowest in Romania, and the City Hall will no longer need to allocate funds for subsidies.

This is good news for the residents of Iași, but we must be realistic and acknowledge that ‘the devil is in the details.’ We will likely face challenges during the implementation of the project, whether due to conflicting interests or external factors, but we are prepared to overcome them.

In preparation for this project, we have held consultative meetings with prominent representatives from the academic and business communities in Iași, including ‘Alexandru Ioan Cuza’ University, ‘Gheorghe Asachi’ Technical University, and the ‘Petru Poni’ Institute of Macromolecular Chemistry, as well as with Academician Bogdan Simionescu, Vice President of the Romanian Academy. All these institutions support this ambitious project, which will contribute to the revival of the chemical industry in the region.

We estimate that the project will benefit from funding from Brussels, in addition to the Group’s own funds. Emotional reasons also back this project—it is dedicated to all chemists in Iași and Moldova, including in memory of my mother, a former chemist at CFS Iași. Our goal is to provide these professionals with a modern place, equipped with the latest technologies, where they can pursue their passion for the benefit of the country.”