“Oltchim represents an objective for the government. If we don’t manage to privatize it on June 6, we will do it another time. (…) Nobody should imagine we will shut down the plant,” Nita told an energy forum.
Nita said that Oltchim should no longer register losses, thus, they should manage to get financing to start operations at one or two production lines.
“There are certain investors willing to buy Oltchim, jointly with Arpechim (the main raw material provider of Oltchim, controlled by OMV Petrom, e.n.). We are also in talks with OMV Petrom,” Nita said.
Oltchim, majority owned by the Economy Ministry, halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
In January, the company extended by two months the deadline by which potential buyers could file bids to purchase the company’s assets, but didn’t receive any bids for its assets.
In the first quarter of the year, the plant registered a turnover of RON136.2 million, up 64.7% from RON82.7 million in the corresponding period a year earlier. Its loss narrowed 34.6% to RON56.2 million in January-March, from RON86 million in the same period in 2013.
Around 67% of Oltchim’s turnover, namely, RON91.1 million, is generated by petrochemical operations.