Romania’s petrochemical company Oltchim sends 1,000 people in technical unemployment in November

Romanian state-owned petrochemical company Oltchim Ramnicu Valcea will send 1,000 of its 3,400 employees in technical unemployment between November 15 and November 30, it has announced. The decision was taken due to lack of raw materials and working capital. The people to be sent home will receive 75 percent of the basis salary. Oltchim Ramnicu Valcea posted net loss of EUR 42.7 million in the first nine months of this year, up 1 percent compared to the same period in 2010. At the end of September the company had a total of 3,470 employees. The main shareholder in Oltchim is the Romanian state, with 54.8 percent of the shares, while PCC owns 17.5 percent of the shares. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)