BUSINESS

Gerea: Oltchim to be privatized in February or June 2014



The privatization of Oltchim will be finalized in February 2014 if no working capital is gathered in time or in June 2014 if it is gathered, Andei Gerea, Minister of Economy, stated yesterday in Pitesti, adding that finding serious investors requires time, Mediafax notes. “The most pressing factor is finding working capital, an operational pre-requisite that is also necessary to buy time since an action such as the one we have initiated requires time to look for potential investors. We need this money from banks primarily. Unfortunately, banks are not very willing to grant funding and this is a national problem, not applicable to Oltchim alone. However, we have resumed discussions both with bank and investment fund representatives,” the Minister of Economy stated. Andrei Gerea said further that, so far, three international corporations have expressed interest in taking over Oltchim Company and the campaign to attract investors will continue. He continued by saying discussions with OMV Petrom representatives regarding the possible sale of Aprechim Refinery – currently in conservation – will be resumed and “the privatization of Oltchim will be carried out together with Bradu Petrochemical Division.”

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