Deadline set in new privatization round for Romania’s largest chemical producer

The deadline for submitting bids to take over Romania’s insolvent chemical producer Oltchim is June 6, according to economy minister Constantin Nita. “Until June 6, those interested in investing in this company are invited to do so. Purchase the tender specifications and participate in the auction organized by the judicial administrator,” said the minister, quoted by Romanian media. In his opinion, the buyer has to keep the activity and develop the company. This is the second attempt to privatize Oltchim, after a failed one in 2012. The Romanian state is the main shareholder of Oltchim. The company entered insolvency in January 2013. It 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. Romania will again try to sell its largest, yet insolvent chemical producer Oltchim in beginning of 2014 Romania’s Oltchim privatization canceled, PM announces Irina Popescu, irina.popescu@romania-insider.com