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May 9, 2021

Oltchim ended Q1 with losses of about RON 86 M

The Oltchim plant, which is in an insolvency procedure now, ended the first quarter with losses of RON 85.92 M (EUR 19.6 M), representing an increase by 3.7 pc, while sales collapsed to one third, or RON 82.77 M (EUR 18.8 M).

In the first three months of last year, the chemical works posted losses of RON 82.81 M and sales of RON 254.48 M. Total incomes dropped 2.8 times in Q1 this year, to RON 91.65 M, and losses were 1.9 times lower, of RON 177.57 M, Mediafax informs.At the end of March, Oltchim had total debts of RON 3.51 bln, up 26.2 pc against the end of last year. Among the creditors of Oltchim there are BCR, CEC, Banca Transilvania, Electrica SA, SALROM and CFR Marfa.

Minister of Economy Varujan Vosganian said last week that he received 10 letters of intent for the plant based at Ramnicu Valcea, sent by big companies from India, Qatar, Great Britain, Germany, Israel or Azerbaijan.

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