Oltchim employs 3,353 people.
Labor Minister Mariana Campeanu said last week the Government would grant social aid to Oltchim employees whose income does not exceed the average monthly wage, and after it checked their revenues and fixed assets.
Three weeks ago, the Government decided to grand emergency social aid of 1,400 lei (EUR306) to each Oltchim worker from Labor Ministry funds.
Oltchim shut down activity at the end of August and employees were not paid wages.
People familiar with the matter told Mediafax Wednesday the Government is considering setting up a firm to transfer money to Oltchim to pay overdue wages and restart activity, and thus prevent funds from being blocked by creditors.
Romania has recently asked the European Commission to approve a loan of up to EUR10 million to Oltchim, and a decision on the country’s request is expected within 30 days.
The Government failed to privatize Oltchim because the winning bidder allegedly deceived authorities and the sale fell through.
Oltchim has 54.8% of its shares in the hands of the Economy Ministry, while Germany’s PCC SE holds an 18.32% stake.
Oltchim’s losses amount to about EUR400 million and it has debts of EUR580 million.
Oltchim’s creditors include several banks, suppliers, privatization authority AVAS, state-run power company Electrica and state-owned freight railway carrier CFR Marfa. (EUR1=RON4.5641)