Around one hundred members of the local union picketed the Ministry of Economy on Wednesday, demanding back pay and the company’s reorganization before privatization. The unionists said they have not been paid because the plant is working at reduced capacity and needs EUR40 million for raw materials and wages.
The Economy Ministry told the unionists that they will put forward a basic plan to unfreeze Oltchim’s activity, with a decision expected as soon as possible. Remus Vulpescu, head of the industry privatization office (OPSPI), said Oltchim needs to be brought back online to improve its chances of privatization. He added that negotiations were already underway with a number of investors.
Vulpescu also said Oltchim might be sold in a bundle with the Arpechim refinery, owned by OMV Petrom (SNP.RO), who has agreed in principle with this plan.
Prime Minister Victor Ponta said last week that the sale of the state’s stake in Oltchim remains one of the Government’s priorities. The deadline agreed upon with the International Monetary Fund is the end of September.
Oltchim is also one of the first state-run companies to have private management. The state owns 54.8% of the chemical producer’s stock, through the Economy Ministry. The shareholders also include German company PCC SE (18.3%) and UK-registered investment fund Carlson Ventures (14.02%), through Nachbar Services.