Vosganian, who resigned as minister Monday, said he hopes negotiations for Oltchim, which entered insolvency at the beginning of the year, will start on October 10, and added the company’s loss in September was almost “zero”.
The company’s court-appointed administrators said in September, Oltchim reduced loss to EUR36 million in January-August, from EUR54 million.
Since Oltchim entered insolvency, several investors have shown interest in the chemical plant, according to the Economy Ministry.
Romania’s five regional investment funds (SIFs) plan to form a consortium to invest in the company after privatization, and propose a merger between the plant and Chimcomplex Borzesti.
On the other hand, Israeli private equity investment group Fortissimo Capital and PCC SE, minority shareholder of Oltchim, said they would team up for the privatization of the chemical plant.
Turkish chrome producer Yildirim Holding Inc. is also interested in participating in the privatization of Oltchim.
The ministry said in May it received ten letters of intent for Oltchim from large companies in India, Qatar, the UK, Germany, Israel and Azerbaijan.
Also, one of the propositions regarding the privatization of Oltchim considers separating the company’s viable assets from its non-viable assets to create an entity devoid of debts, which will be put up for sale, while non-viable assets might be liquidated.
Oltchim is controlled by the Economy Ministry. PCC SE owns 18.31% of the company directly and 14.02% indirectly, through Polyolt Holding, registered in Cyprus.
Vosganian resigned from the Cabinet after senators voted against lifting his immunity, rejecting the General Prosecution Office’s request to allow for his indictment on charges of undermining the national economy. Finance Minister Daniel Chitoiu will take over the Economy portfolio in an interim capacity.