Romania plans to sell majority stake in loss-making Oltchim

12 November 2010 17:35  [Source: ICIS news]

PRAGUE (ICIS)--Romania’s economy ministry aims to sell its 54.79% majority stake in loss-making chemical producer Oltchim, the ministry said on Friday.

The move toward privatisation would be based on consultations that had taken place with the International Monetary Fund (IMF), the ministry said.

Economy Minister Ion Ariton was also examining the possibility of some of Oltchim’s creditors, including Erste Group’s Banca Comerciala Romana, converting debt into shares to become shareholders in the company.

Karoly Borbely, state secretary at the economy ministry, said that two investment funds are interested in buying the state’s stake.

Oltchim’s main products are polyvinyl chloride (PVC), polyols, dioctyl phthalate (DOP) and caustic soda.

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By: Will Conroy
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