26.3 C
Bucharest
May 20, 2022
BUSINESS

Basescu: No lay-offsat Oltchim

President Traian Basescu toured Saturday some of the sections of Ramnicu Valcea-based Oltchim plant, Agerpres reports. ‘I came to see whether what the government in Bucharest discussed is ut into practice at Ramnicu Valcea. Things are on the right track, the EUR 62 M loan has been obtained. In November, the plant will work within normal parameters,’ the head of state said.


The visits follows shortly to that paid to the area by PM Emil Boc, who visited the Oltchim industrial platform to get first hand information on the situation at the chemical plant – which has been dragging its foot for eight months now – since Arpechim Pitesti closed its gates. Since then, the ethylene and the propylene, raw materials crucial to the plant, have not been delivered.


In order to began operating again, the Oltchim plant, where the Romanian state is the controlling stakeholder, needs a state-guaranteed loan to open the pyrolysis section at Arpechim. The steps taken by the plant to secure the European Commission go-ahead to get the Romanian state to back the roughly EUR 62 M loan have ben obstructed by Oltchim minority shareholder, PetroCarboChem, which expressed its intention to buy the majority stake package. Hence an economic conflict which emphasized the alleged notion that Oltchim had not been put up for sale for what was worth.

Related posts

Huawei: A Year and Beyond

NINE O'CLOCK

Raiffeisen Bank – 20 years in Romania

Nine O' Clock

MFP borrows RON 700 million in three-year bonds

Nine O' Clock