Oltchim resumed production Thursday at its membrane-based electrolysis unit and the plant’s mercury-based electrolysis installation will be restarted in two weeks, according to company representatives.
Traciu said Oltchim’s restructuring plan targets technological aspects. He added that employees may be paid overdue wages by November 15 if the plant’s economic situation allows for it.
According to Traicu, Romania will officially inform the European Commission by the end of the week about its intention to provide emergency aid of EUR20 million to Oltchim.
The Government recently failed to privatize the company as the auction winner did not produce the money.
Oltchim’s net loss widened 72% on the year to 308.5 million lei (EUR69.6 million) in the first nine months, hurt by lower sales. In the first nine months of 2011 its loss amounted to RON179.7 million.
The chemical company reported sales of RON693.6 million in January through September, significantly lower from RON1.25 billion in the year-ago period.
Overall revenue nearly halved to RON721.9 million in the first nine months, while total costs fell 33% on the year to RON1.03 billion. (EUR1=RON4.5370)