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October 23, 2021

Vosganian to ask the Commission for EUR 20 M state aid for Oltchim

The solution proposed by the Ministry of Economy in the case of Oltchim Ramnicu Valcea, i.e. filing for insolvency, might be sent to the Parliament in view of a political decision to be made, reads a press release issued by the Ministry of Economy Friday. On the other hand, the minister of Economy, Varujan Vosganian wants to go to the European Commission, accompanied by representatives of the main investors in Oltchim, and discuss with the vice-president of the European Commission, Joaquin Almunia the possibility of granting state aid worth EUR 20 M to Oltchim. Representatives of suppliers, shareholders, trade unions, creditors, banks and of the judicial administrator of Oltchim met the minister Friday at the Ministry of Economy, and reached the conclusion that Oltchim SA will pay its current invoices from its own sources. During the meeting held at the Ministry of Economy, Wojciech Zaremba, the representative of Petro Carbo Chem SE (PCC SE), the main minority shareholder in SC Oltchim SA, promised that his company will provide the raw materials necessary to the plant and will support the ministry’s initiative, also by lobbying at Brussels. The creditors of Oltchim, mainly the commercial banks, expressed their support for this solution and said that they want to be part of the plant rescue process.

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