The company recently set up a special purpose vehicle called Oltchim SPV, to manage its assets, valued at some EUR305.24 million.
Economy Ministry Constantin Nita said Tuesday that Oltchim will not be shut down and will be privatized later if government does not manage to sell it on June 6.
Oltchim, majority owned by the Economy Ministry, halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
In January, the company extended by two months the deadline by which potential buyers could file bids to purchase the company’s assets, but didn’t receive any bids for its assets.
In the first quarter of the year, the plant registered a turnover of RON136.2 million, up 64.7% from RON82.7 million in the corresponding period a year earlier. Its loss narrowed 34.6% to RON56.2 million in January-March, from RON86 million in the same period in 2013.
Around 67% of Oltchim’s turnover, namely, RON91.1 million, is generated by petrochemical operations.