Romanian businessman Ioan Niculae, once Romania's richest, is selling the Viromet Victoria chemical complex, part of his group Interagro.

The buyer is a Romanian entrepreneur, Gabriel Ticea, currently living in Italy where he operates a fertilizer, methanol and other chemical trading company, Profit.ro reported. He has recently taken over the port operator in Giurgiu, on the Danube (SCAEP Giurgiu Port), also from Ioan Niculae.

SCAEP Giurgiu Port will take over Vitomet. The transaction can be completed in September. Considering the claims the buyer holds against the seller, the deal seems aimed at settling the debts between the two by the transfer of some assets.

In July this year, Niculae said Viromet would resume operations and produce methanol from Russian imported natural gas. Niculae currently controls Viromet through the Cyprus offshore company Whitbread Holdings Limited.

Gabriel Ticea controls over 78% of SCAEP Giurgiu Port. He also owns and operates in Italy a fertilizer, methanol and other chemical trading company, Romital, headquartered in Milan. SCAEP Giurgiu Port is a creditor of Viromet, after taking over an unspecified debt, guaranteed with over 1,500 equipment and installations of the production unit, according to AEGRM data. Ticea's company took over the debt from the chemical fertilizer wholesaler Autocora controlled by local businessman Dănel Dinu. Ticea's companies also hold claims over Niculae's flagship company Interagro.

editor@romania-insider.com

(Photo source: Viromet.ro)