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February 2, 2023

Green light for Oltchim’s privatization, procedures to be finalized in 2012

The Economy Ministry, Oltchim Ramnicu-Valcea’s majority shareholder, announced yesterday that this year it will buy consultancy services in order to privatize the chemical plant by mid-2012. “The government has started the procedures needed in order to privatize Oltchim. According to the letter of intent drafted following the talks between government representatives and the representatives of the joint IMF, WB and EC mission, the company’s privatization will start in the first half of 2012,” an Economy Ministry communiqué reads. In 2011 the Economy Ministry’s Office for State Participations and Industry Sector Privatizations will buy consultancy services in order to privatize Oltchim, the communiqué adds. The government announced its intention to privatize Oltchim as far back as 1997. The state owns 54.79 per cent of the company’s shares. At the end of 2010 Oltchim’s debts totaled RON 2.289 bln (approximately EUR 545 M), having grown by 22 per cent from RON 1.879 bln at the end of 2009. In 2007-2010 the plant reported cumulated losses of more than RON 745 M. The company was included on the list of 20 state-owned companies that will be monitored as part of the new two-year agreement that the government will reach with the IMF, the European Commission and the World Bank.

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