“Oltchim was summoned last week to pay its electricity debt, which is more than EUR100 million. If Oltchim fails to pay, Electrica will cease deliveries Wednesday, and the contract might be terminated Thursday,” people close to the matter told MEDIAFAX.
The electricity contract was concluded in 2008.
The chemical company posted a memo on the Bucharest bourse Monday, saying Electrica reduced deliveries and negotiations are under way for a solution to the situation.
The two companies agreed last year that the debt would be paid in monthly installments worth close to EUR1 million.
Oltchim is set for privatization this year.