The decision was triggered by the lack of working capital needed to restart petrochemical activity in Pitesti. The company’s administrators decided to suspend activity on the Ramnicu-Valcea chemical platform for the period August 27- September 30, to carry out scheduled maintenance.
Protesters left for Ramnicu Valcea to continue demonstrations at the headquarters of the company.
The employees to be put on furlough will be paid 80% of their base salary.
Oltchim’s staff was reduced to 3,348 in the first six months, from 3,468.
The company’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.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake. (EUR1=RON4.4819)