On Thursday, Oltchim announced it would put over 500 workers on furlough between August 27 and September 30, because of the lack of working capital needed to restart petrochemical activity in Pitesti.
The decision was met with dissatisfaction and hundreds of Oltchim employees protested in Pitesti Friday. They headed for Ramnicu Valcea to demonstrate at the headquarters of the company.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake. Other shareholders are Germany-registered company PCC SE (18.3%) and investment fund Carlson Ventures, which holds 14.02% in Oltchim through Nachbar Services.
The company is set to be privatized in September, at the request of the International Monetary Fund. Oltchim’s net loss more than doubled on the year to 188.23 million lei (EUR41.95 million) in the first half, hurt by lower sales. (EUR1=RON4.4819)