Romania’s largest chemical producer Oltchim had a EUR 700,000 profit in January 2015, said the Economy Minister Mihai Tudose.

This makes the company more attractive to investors and increases its privatization chances.

The company functioned in January at a 30% operational capacity, the Minister added, cited by local Economica.net.

Last month, Tudose said that he supported the privatization solution, but that the company needed to be reorganized first, to attract investors that can continue its activity.

Salaries should be first paid and salary arrears recovered, the Minister also said.

Oltchim has been insolvent for two years. The state has repeatedly tried to privatize it, but it failed. The last term was on December 15, when no investor showed up.

The company has a historical debt of EUR 800 million.

editor@romania-insider.com