Chitoiu said that talks will be hold in parallel, at the European Commission’s level, on the safeguarding aid.
“(…) if talks are favorable, we could grant a amount to continue a production cycle. Also, we will talk to the large lenders to ensure half of the working capital to finance Oltchim operations. We hope that by the end of October or the first half of November, the operations at Oltchim develop at 65% capacity(…),” said Chitoiu.
Oltchim employees received Friday half of their back wages as well as their meal vouchers for August, according to acting trade union leader Corneliu Cernev.
Cernev said the employees come to work and do whatever necessary to resume production.
Oltchim employs 3,353 people.
Romania has recently asked the European Commission to approve a loan of up to EUR10 million to Oltchim, and a decision on the country’s request is expected within 30 days.
Romania’s Government recently failed to privatize Oltchim because the winning bidder allegedly deceived authorities and the sale fell through.
Oltchim has 54.8% of its shares in the hands of the Economy Ministry, while Germany’s PCC SE holds an 18.32% stake.
Oltchim’s losses amount to about EUR400 million and it has debts of EUR580 million.