Romanian chemical producer Oltchim's loss further widens in 2011

Romanian state-owned petrochemical producer Oltchim ended 2011 with a loss of EUR 63.6 million, above the one reported during the previous year- EUR 53 million The company's short term debt also went up, to some EUR 364 million, from EUR 278 million reported at the beginning of 2011. Oltchim, which is supposed to be soon privatized, will have to pay this amount in less than a year, while its long term debt went slightly down to EUR 232 million.

Oltchim's turnover was on an upwards trend last year, when it reached almost EUR 362 million, from EUR 311 million the year before. Oltchim, majority owned by the Romanian state through the Economy Ministry, is on the list of state companies that will have private management, as part of an agreement with the International Monetary Fund. Hidroelectrica, Electrica Furnizare and Compania Nationala Romarm will also have private CEOs, with the recruiting process for a headhunter ongoing at the Economy Ministry. The Romanian state owns 54.8 percent of Oltchim's shares, while PCC owns 17.5 percent. editor@romania-insider.com (photo source: Sxc.hu)