Letter reveals PCC and Oltchim are at loggerheads

Thumbnail image for oltchim.jpgWe at ICIS felt a bit of the heat generated from an antagonistic shareholder/owner relationship this week. An e-mail arrived from Romania’s Oltchim complaining about our coverage of statements made by Germany’s Petro Carbo Chem, which holds a 12% stake in Oltchim.

The company complained about our coverage (also reported on this blog), of PCC’s renewed interest in making a bid for the troubled company. They did not accuse us of inaccuracy, but were upset by the prominence we gave to to PCC’s views. 

To redress the balance we published another story highlighting Oltchim’s determination to restart the Arpechim unit which had been shut down due to a lack or working capital for feedstocks plus a refurbishment. 

PCC and Oltchim have been involved in a long-running dispute. Perhaps it is time for me to speak to both parties to try and get to the bottom of this issue. This could make interesting reading.

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