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November 27, 2021

Nita, Economy Minister: I rule out Oltchim bankruptcy

The possibility of Oltchim bankruptcy is out of the question, said Minister of Economy Constantin Nita yesterday, following talks held with representatives of Ramnicu Valcea plant.
“Oltchim is a company of national and strategic interest, I asked the union members to have patience because the privatisation of the plant is not a failure. On the contrary, the delay was requested by strategic investors because they are interested by taking over Oltchim and Arpechim together. We hope therefore to successfully conclude the negotiations with the OMV in the near future to take over the Pitesti refinery,” said Minister Nita. The deadline for plant privatisation was postponed by 45 days, period in which they hope Arpechim refinery could be taken over by the Romanian state. Constantin Nita said that the new scheme of plant management will be concluded in the upcoming week. According to the Oltchim legal administrator, two investors are interested in taking over Oltchim and Arpechim together, namely the Chinese corporation Baota Petrochemical Group and Junlun Petroleum Co. Ltd, as well as a corporation in Romania, SIF Transilvania Project Management Company.

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