Romania’s Chimcomplex gives up building new plant despite major state aid

Romania’s largest chemical group, Chimcomplex (BVB: CRC), announced that it has abandoned the construction of the resin factory in Oneşti (Bacău County), a EUR 100 million project backed by EUR 46.6 million state aid, “due to the unjustified increase in the price of electricity and gas,” according to Ziarul Financiar. The company’s shares plunged by 36% y/y and by 20% year to date.

"We have already announced to the stock exchange, the ministry and the banks that due to the unjustified increase in the price of electricity and gas, we stopped the investment and returned the money to the ministry," Ştefan Vuza, Chimcomplex shareholder and chairman of the board of directors, told Ziarul Financiar.

Chimcomplex cut down its investment plans for the year to EUR 5.2 million.

It anticipates a net loss of RON 178 million, close to last year’s performance. The company expects its EBITDA to be RON 42 million, down from RON 62 million in 2025.

In 2025, Chimcomplex reported RON 179 million losses, citing a 30% increase in natural gas prices and a 15% increase in electricity prices, on top of the 2024 increases of +78% for natural gas and +37% for electricity.

In the report with preliminary results for last year, cited by Ziarul Financiar, Chimcomplex indicated that it will apply from April this year a work scenario that involves shutting down energy-intensive sections and laying off at least 1,200 employees vertically and 5,500 horizontally within Chimcomplex and implicitly its partners.

(Photo source: the company)