Added on May 11, 2015 09:30 am

Three companies interested in Romania’s insolvent chemical producer Oltchim

Three companies are interested in buying Romania’s insolvent state-owned chemical producer Oltchim, said Economy Minister Florin Tudose. Two of the companies are Chinese and one is from Europe. The representatives of a Chinese consortium visited Oltchim last week, said Tudose, cited by local The Government needs to receive first the companies’ intention letters, to […]

Added on February 16, 2015 09:30 am

Romanian chemical producer Oltchim halves loss

Romanian chemical producer Oltchim (OLT), currently under insolvency, decreased its loss by 46% last year. The loss went from EUR 213 million in 2013 to EUR 114.6 million in 2014. This happened while the producer used 24.3% of its capacity, compared to 20.6% the previous year. The total revenue increased by almost 10% to EUR […]

Added on January 21, 2015 11:00 am

Reorganization plan of Romania’s chemical producer Oltchim includes sale

The reorganization plan of Romanian chemical producer Oltchim (OLT), now under insolvency, will include the company’s sale to an eligible buyer, the company announced, reports local Mediafax. The company wants to invest in a technology that leads to lower energy consumption, to improve financial results. The authorities have tried several times in recent years to […]

Added on December 15, 2014 10:30 am

No investor for Romania’s chemical producer Oltchim by privatization deadline

None of the four investors that had shown interest in taking over the majority stake in the Romanian chemical producer Oltchim submitted a bid by the deadline on Friday, according to the Oltchim judicial administrator Gheorghe Piperea. “No one showed up, nor the Chinese group, nor the Turkish group, nor businessman Stefan Vuza, nor the […]

Added on August 27, 2014 10:55 am

EC raises questions about Oltchim’s privatization in Romania

The European Commission EC has asked Romania a series of clarifications regarding the privatization of Romanian chemical producer Oltchim. There are some suspicions that the state doesn’t act like a private investor. The EC has also asked about the Arpechim takeover from Petrom, a transaction that might benefit the oil company, Bogdan Chiritoiu, president of […]

Added on August 13, 2014 12:09 pm

Romanian chemical producer Oltchim cuts loss in the first six months

Insolvent Romanian state-owned chemical producer Oltchim narrowed its loss to RON 114.5 million (over EUR 25 million) in the first half of 2014, down 22 percent year-on-year. In January-June 2013, the company registered a loss of RON 147.4 million. The company’s operating income increased to RON 274.3 million (EUR 61 million) in this period, while […]

Added on June 10, 2014 09:35 am

Chinese investors show interest in Oltchim’s privatization, highway, railway in Romania

Romania’s Minister of Economy, Constantin Nita, met on June 7 with the Chinese Commerce Minister Gao Hucheng. During the meeting, the two officials also discussed about several projects to be developed in Romania and the Chinese companies’ interest to invest in them. According to a statement of the Ministry of Economy, the Chinese investors showed […]

Added on June 4, 2014 10:19 am

Economy Minister says Romania’s Oltchim will not be shut down, it will be privatized

Insolvent Romanian state-owned chemical producer Oltchim in Ramnicu Valcea will not be shut down, and if the privatization set for June 6 fails, the company will be sold later, according to Economy Minister Constantin Nita. He added that Oltchim should no longer accumulate losses and in order to accomplish this objective, the company must find […]

Added on May 15, 2014 09:16 am

Romanian chemical producer Oltchim’s turnover up 64% in Q1

Insolvent Romanian state-owned chemical producer Oltchim recorded a turnover of RON 136.2 million (EUR 30.2 million) in the first quarter of 2014, up 64.7 percent against the same period of the previous year. For January-March, the company reported losses of RON 56.2 million (EUR 12.4 million), down 34.6 percent year-on-year. Almost 67 percent of Oltchim’s […]

Added on December 12, 2013 01:53 pm

Romania will again try to sell its largest, yet insolvent chemical producer Oltchim in beginning of 2014

Another privatization attempt will be launched for Romania’s largest chemical producer Oltchim, after the failed bid to sell the company in 2012. The state will try again to sell the company in February 2014. The state is awaiting engaging offers for the company via the judiciary administrators Rominsolv and BDO Business Restructuring. The selection process is […]

Added on December 2, 2013 12:32 pm

Employees of largest Romanian chemical producer Oltchim start strike asking for overdue salaries

Around 100 employees at state-owned chemical producer Oltchim, Romania’s largest such producer, went on strike on Monday (December 2), after the company failed to pay their salaries for the last two and a half months. Apart from due salary payments, the strikers also asked the state to change the management of the chemical producer, arguing […]

Added on November 20, 2013 02:42 pm

Russian Oil Gas Trade shows interest in Romanian chemical producer Oltchim

Russian company Oil Gas Trade is ready to take over Romania’s Oltchim chemical plant when Oltchim II will be put up for privatization, said the company’s representative Florin Rozescu. “We wait for the creation of this Oltchim II, we are in good relations with the judicial administrators and we are ready to take over the […]

Added on October 23, 2013 10:29 am

Romanian chemical producer Oltchim’s turnover doubles in September, to EUR 11 mln

Romanian state-owned chemical producer Oltchim recorded a turnover of EUR 11.4 million in September this year, double the EUR 5.6 million registered in the same month of 2012, shows the data provided by the company’s judicial administrators. “The EBITDA had a positive evolution in this period, reaching a deficit of only EUR 707,000, from minus […]

Added on August 23, 2013 12:26 pm

Economy Ministry: Turkish company Yildirim Holdgin shows interest in Romania’s Cupru Min and Oltchim

Turkish chrome producer Yildirim Holding Inc. has recently shown interest in investing in Romania’s copper mining company Cupru Min Abrud, reads a statement of the Romanian Economy Ministry. Moreover, the Turkish company is also interested in participating in the privatization process of Romanian state-owned chemical producer Oltchim Ramnicu Valcea. The Romanian Minister of Economy, Varujan […]

Added on August 13, 2013 03:39 pm

Romanian chemical producer Oltchim’s first-half loss down to EUR 33 mln

Romanian state-owned chemical producer Oltchim recorded a net loss of some EUR 33.6 million (RON 147.4 million) in H1 2013, down 22 percent over the same period in 2012, according to the company’s latest report. Oltchim’s total revenues in the first half of 2013 amounted to around EUR 54 million (RON 239 million), while its […]

Added on June 28, 2013 10:10 am

Romania in talks with SOCAR for takeover of largest chemical producer Oltchim

Romania recently offered Azerbaijan company Socar the chance to take over state -owned chemical producer Oltchim, which entered insolvency at the beginning of this year, after a failed privatization attempt last year. Romanian Prime Minister Victor Ponta, who is on an official visit to Azerbaijan, met the SOCAR management and talked about the possibility. “If […]