SIMILAR ARTICLES

Romania officially started negotiations with Mafia on Thursday. Criminal Law based on which there would be no Colectiv, Hexi Pharma, TelDrum, abusive retrocessions files anymore

Proposals to amend the Criminal Code started to be debated on Thursday at the Special Committee on the Laws on the Judiciary headed by former… Mai mult

Prime Minister Netanyahu’s personal doctor, appointed as honorary adviser of Viorica Dancila

Herman Berkovits received in May 2014 the Key to the City from Mayor Sorin Oprescu Herman Berkovits, the personal doctor of Israeli Prime Minister Benjamin… Mai mult

Company insolvency, set on an upward trend in 2018, caused losses of RON 9.6 billion in 2017: ONRC statistics

The number of companies and authorized natural persons (PFA) which have declared insolvency increased by 19.31% in the first quarter of 2018 compared to the… Mai mult

IMF revised upwards Romanian economic growth in 2018, from 4.4% to 5.1%

The International Monetary Fund (IMF) has revised upwards the Romanian economy growth forecast for this year, from 4.4% to 5.1%, according to the latest World… Mai mult

Industrial production, up 7% in first two months of 2018, compared to the same period of last year

Industrial production (gross series) was up 7% in the first two months of 2018 compared to the same period in 2017, following the growth in… Mai mult

Oltchim, offered for sale in pieces

de Vladimir Ionescu 21.9.2016

oltchimOltchim chemical plant from Ramnicu Valcea, insolvent since January 2013, is offered for sale in pieces, in nine asset packages and investor selection process will be completed later this year, according to a company announcement.

“Oltchim will launch a competition for selling the assets, in several packages and we take into account at the moment nine such packages,” reads the company’s announcement.

The interested investors can submit letters of interest for any or all the packages of assets, until 30 September 2016, writes News.ro.

“The selection of the buyer / buyers will be based on the economic value of the bid and the process is expected to be finalized by the end of 2016”, reads the document.

Referring to the announcement of launching the Oltchim sale process, Vice Prime Minister Costin Borc, who is also Minister of Economy, said that the company’s financial situation has improved, despite the fact that it is insolvent, which gives hopes of finding an investor “for future sustainable economic activities of the company”, under the market conditions.

“I put Oltchim among my priorities even since the beginning of my mandate. Today, the company announced the intention to sell the asset packages and I hope that Oltchim will have a binding offer by the end of the year”said Borc.

Maintaining the industrial activity in the area of Ramnicu Valcea and preserving jobs are a priority for authorities, assured the Vice Prime Minister.

“The Ministry of Economy, Commerce and Relations with the Business Environment supports the transparency of the sale process, continue to maintain an open dialogue with the European Commission for clarifying the old issues of Oltchim, which will provide legal certainty to the potential investor,” said Borc.

In early April this year, the European Commission announced that it has launched an in-depth investigation to check whether debt cancellation by the Romanian state and the continuation of supplying Oltchim by state companies, despite the worsening financial situation of the plant, complied with the EU state aid rules.

Oltchim Ramnicu Valcea reported a net profit of 18.5 million lei (4.1 million euros) in the first half of this year and sales of 378.1 million lei (84 million euros), up 4% against the same period of last year.

Oltchim registered total debts worth 1.35 billion lei on 30 June 2016. The plant has approximately 2,000 employees.

Oltchim is the only producer in Romania of chlorine and polyether polyols. The company exports around 70% of the production.

The company became insolvent in January 2013 after the privatization failed with Dan Diaconescu in 2012 and the reorganization plan provides for the company to me sold for at least 307 million euros.

The state, which owns 54.8% of the shares, has also previously tried to privatize Oltchim, but with no success. At the last deadline, in December 2014, no investor has expressed the interest to take over the company.

Mergeți în homepage ›

Publicat la data de 21.9.2016

Lăsați un comentariu


NEWS

IMF revised upwards Romanian economic growth in 2018, from 4.4% to 5.1%

The International Monetary Fund (IMF) has revised upwards the Romanian economy growth forecast for this year, from 4.4% to 5.1%, according to the latest World… Mai mult

Company insolvency, set on an upward trend in 2018, caused losses of RON 9.6 billion in 2017: ONRC statistics

The number of companies and authorized natural persons (PFA) which have declared insolvency increased by 19.31% in the first quarter of 2018 compared to the… Mai mult

Romania officially started negotiations with Mafia on Thursday. Criminal Law based on which there would be no Colectiv, Hexi Pharma, TelDrum, abusive retrocessions files anymore

Proposals to amend the Criminal Code started to be debated on Thursday at the Special Committee on the Laws on the Judiciary headed by former… Mai mult

Prime Minister Netanyahu's personal doctor, appointed as honorary adviser of Viorica Dancila

Herman Berkovits received in May 2014 the Key to the City from Mayor Sorin Oprescu Herman Berkovits, the personal doctor of Israeli Prime Minister Benjamin… Mai mult

Industrial production, up 7% in first two months of 2018, compared to the same period of last year

Industrial production (gross series) was up 7% in the first two months of 2018 compared to the same period in 2017, following the growth in… Mai mult

Deloitte study: Romania vs. EU - Tax rules applied to losses from selling bad loans

Deloitte Romania, at the request of the Romanian Banking Association, conducted a study for analysing the tax treatment of the sale of receivables and the… Mai mult

Transgaz, favourite to take over Greek natural gas transport operator

The US and the EU support Transgaz-Reganosa (Spain) offer to take over the Greek natural gas transport operator DESFA, for geopolitical reasons, the Greek media… Mai mult

Workforce (i)mobility: Unemployed young Romanians are not willing to move to another locality for a job

Romania has one of the highest percentages of young unemployed people who would not leave their hometown to find a job (either in the country… Mai mult

Unions: State will pay detainees between EUR 370 -550 million

Total compensation that the state will pay to detainees who have been imprisoned in improper conditions will be between EUR 370 million (in the case… Mai mult

Schweighofer sells forest domains owned in Romania and only keeps processing activities

Schweighofer Group, one of the European leaders in wood processing, announced on Monday "a strategy change": it sells its subsidiary Cascade Empire S.R.L. (Cascade Empire)… Mai mult

Dancila government has established "Commission for Preparing Changeover to Euro". Another committee has been already doing the same thing for a year and a half

On Wednesday, the Government adopted an Ordinance aimed at establishing a commission for preparing the timetable for Romania's accession to the single European currency. Prime… Mai mult

Mangalia Shipyard: Agreement between Ministry of Economy and Damen. Dutch buy Daewoo shares, give state 2%

The state has reached an agreement with Damen Shipyards Group after blocking for several months the takeover by Dutch company of Daewoo's shares at Mangalia… Mai mult

CCR judges are no longer willing to participate in MCV assessments

The President of the Constitutional Court (CCR) has communicated to the European Commission (EC) delegation the fact that "the Court plenary expressed its wish not… Mai mult

Romania to host regional centre for endowment of Black Hawk helicopters for Central Europe

Romaero and American company Sikorsky, part of the Lockheed Martin group, have signed an industrial partnership agreement that will lead to the establishment of a… Mai mult

State-owned companies forced to participate in public tenders

The Government approved on Thursday a memorandum that includes a series of measures targeting publicly owned or controlled companies. Basically, the document forces the state-owned… Mai mult