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October 2, 2022
BUSINESS

Economy Minister: Oltchim closes January on profit

Economy, Trade and Tourism Minister Mihai Tudose announced that Oltchim, the chemical factory of Ramnicu Valcea (northwest of Bucharest), had a 700,000 euros profit in January, which makes it more attractive for the long-awaited privatization.

‘We have managed to reach the working capacity for 30 percent of what is still operational [at Oltchim] (…) which mattered very much in the negotiations with the IMF and the European Commission,’ Tudose said in a press conference in Braila (southeastern Romania).

The minister had told Oltchim employees last month he supported privatization, but considered prior reorganization a priority, in order to attract investors capable of carrying on the company’s operation.

Tudose also said that the management of Oltchim should focus on bringing salary payments up to date and on compensating the redundant staff.

Oltchim is insolvent for two years now, and privatization failed several times. The latest deadline for this process was December 15 2014, when no investors showed interest in taking over its historical debts amounting to 800 million euros, reports Agerpres.

 

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