Romania sets privatisation timetable for stake in Oltchim

24 February 2011 17:59  [Source: ICIS news]

PRAGUE (ICIS)--Romania’s economy ministry said on Thursday that it has set a privatisation timetable for the disposal of its 54.79% stake in indebted chemical producer Oltchim.

An internationally recognised privatisation consultant would be selected by August this year, while an invitation for bids in the Oltchim sell-off would be issued within the first half of 2012, the ministry said.

The Romanian state was initiating procedures for the privatisation in accordance with a draft letter of intent agreed by the government with the IMF, the World Bank and the European Commission, the ministry said.

Unprofitable Oltchim has pinned its hopes of reviving its fortunes on successfully sourcing feedstock from the newly acquired petrochemical unit Arpechim.

However, Oltchim has been unable to acquire working capital to purchase raw materials to restart its 200,000 tonne/year ethylene cracker.

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

Please visit Will Beacham’s Look East for Chemicals blog
To discuss issues facing the chemical industry visit
ICIS connect

By: Will Conroy
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index