“The documentation for the auction, including a start price, will be released in approximately two weeks,” Florin Vladan, head of the state’s privatization office OPSPI, told Mediafax.
Companies will have 30 days to file binding offers, Vladan added.
Oltchim is majority owned by the Economy Ministry, with a 54.8% stake, while PCC holds a 18.32% stake.
Romania has been trying to privatize the chemical company ever since 2007. Under a EUR5.4 billion loan agreement signed with the EU, the International Monetary Fund and the World Bank, Oltchim should be privatized in 2012.