Participants are to deposit a guarantee of EUR35,000 each, Oltchim said.
Oltchim is one of the companies monitored by the International Monetary Fund because of its large debts to the state budget and various other creditors.
The government has pledged to name a private manager by December and wants to privatize the company by May 2012.
At the end of 2010, Oltchim had total debts of 2.29 billion lei (around EUR5445 million).
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake, while Germany’s PCC holds 12.16% of its shares.
Friday morning, Oltchim’s shares were gaining 14.94% to RON1.616, on speculative trading.