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April 23, 2021
BUSINESS

Economy Minister: Oltchim privatization represents solution, re-organisation of company before sale must happen first

The privatisation of the chemical plant Oltchim still represents a solution, but this has to take a back seat to re-organizing the company before the sale, Minister of Economy, Commerce and Tourism Mihai Tudose said in a Thursday’s meeting with a delegation of Oltchim employees, led by Cristian Cornescu, president of the Victoria Union, and Dumitru Marin, president of Unirea Union.
According to a press release from the Ministry of Economy, Commerce and Tourism /MECT/, the representatives of Oltchim employees requested from the economy minister information about the privatization of the plant and Oltchim development plan for the current year, ways to recoup the outstanding salaries occurred before the start of the insolvency procedure, as well as the phase of solving the problems related to paying redundancy salaries for the employees laid off.
Minister Mihai Tudose told the Oltchim employees that he further backs the privatization of the plant, but this has to take a back seat to re-organizing the company in order to draw buyers able to sustain the plant’s operation. He also mentioned that recouping the outstanding salaries and paying the redundancy salaries must be priorities for the plant’s management.
‘In the same sense, for a better cooperation with social partners, the Minister of Economy, Commerce and Tourism has proposed that all Oltchim unions sign a Protocol of mutual information and periodic consultation on the plant’s activity. In turn, the unions’ representatives present at the meeting requested that these consultations be held jointly with all Oltchim unions,’ reads the MECT release.
Oltchim has been insolvent for two years and its privatisation has been attempted repeatedly but unsuccessfully. At the latest deadline, on December 15, no investor was interested in the plant, which has some 800 million euros in debts

 

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