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January 24, 2022

Gerea: Companies from China, Romania and Hungary, interested by Oltchim

The minister of Economy, Andrei Gerea, who will resign from office today, says that some companies informed him that they are not interested to participate in the privatisation of Oltchim, but there also are several consortia and companies from China, Romania, Hungary, Azerbaijan, Turkey and Russia that want to take over the plant.
“We already knew that things were not well at Oltchim. (…) Since November, I noticed that the interest for Oltchim returned, from companies truly capable to operate such a plant,” Gerea said Friday, in his second press conference and the last as minister of Economy. “Oltchim can only operate in an integrated manner with the Pitesti-based plant,” Gerea added.
In December last year, the Ministry of Economy, the majority shareholder in Oltchim, founded a new company named Oltchim SPV, which took over the assets of the chemical works. The assets of Oltchim SPV are evaluated at EUR 305.24 M, which is not the maximum price limit. Recently, the creditors of Oltchim approved the extension by two lines, from January 31 to March 28, of the period during which the company assets are sold, at the request of potential investors. Oltchim is in insolvency since January last year.

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