Oltchim to push ahead with purchase of Arpechim assets

17 September 2009 16:50  [Source: ICIS news]

PRAGUE (ICIS news)--Oltchim wants to purchase Petrom's Arpechim petrochemical assets within a month despite the announced EU investigation into its state aid, the Romanian chemical company said on Thursday.

The Romanian state’s guarantee covering €49.6m ($73.0m) of a €62m commercial loan Oltchim intended to use to acquire the mothballed assets was not part of the investigation as it was awarded under temporary financial crisis relief measures, Oltchim said.

The probe only covered other state guarantees for €339.2m and a €135m debt-to-equity swap, Oltchim added.

($1 = €0.68)

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By: Will Conroy
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