“Oltchim’s debt to Electrica will be settled by setting a payment schedule agreed by both parties,” the chemical company said in a statement.
Oltchim will pay an interest rate equal to the rates charged by commercial lenders, the statement noted.
The chemical company confirmed the information published by Mediafax Wednesday that its contract with Electrica was terminated. Oltchim signed a new electricity agreement with Electrica Furnizare, the delivery arm of Electrica.
People familiar with the situation told Mediafax that Oltchim has total debts to Electrica worth over EUR100 million.
Both companies are owned by the Economy Ministry.