The voluntary liquidation of Oltchim was separately stipulated in Romania’s memorandum sent to IMF at the end of August evaluation meeting, being for the first time such a commitment is included in a final Government document sent to the Fund.
In September, Romanian politician Dan Diaconescu, owner of OTV private television channel, has won an auction to purchase 54.8% in Oltchim for 203.14 million lei (EUR45 million). However, he hasn’t signed the privatization contract yet and has requested additional information from the government.
Under a EUR3.6 billion loan agreement signed with the IMF in 2011, Romania has pledged to sell majority stakes in several state companies, including Oltchimn and rail company CFR Marfa.
Oltchim’s privatization is a prerequisite for the disbursement of further installments of the IMF loan.
Prime Minister Victor Ponta said Oltchim would be placed under special administration if the privatization fails, pending a new auction sometime next year.