Furthermore, the Economy Ministry, through the state privatization office OPSPI, will negotiate with dominant oil company OMV Petrom an option for the purchase of the Arpechim refinery, available to the investor selected for Oltchim’s privatization.
Previously, the company was to raise its share capital by up to RON2.059 billion, to RON2.093 billion, by converting its debt to AVAS into shares, worth RON1.12 billion, and then issuing new shares to be sold to the minority shareholders.
Oltchim’s current share capital stands at RON34.3 million.
After the capital hike, the company would be sold through an auction on September 14.
Oltchim’s privatization is one of the conditions for the International Monetary Fund to approve the next installment of the loan to Romania. (EUR1=RON4.487)