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June 24, 2021

Oltchim could remain in the hands of Romanian capital. Chimcomplex Borzesti preparing to file bid for the plant

The highly disputed Oltchim Ramnicu Valcea petrochemical plant has hopes of recovery on the petrochemical market, after a German-Polish company tried to bankrupt it for years on end.

Chimcomplex Borzesti announces that it has finalized the auditing of Oltchim and is getting ready to file a bid for the plant’s functional assets, according to a communiqué issued by the company. Chimcomplex is part of the SCR group of companies controlled by businessman Stefan Vuza.

“This process involved teams of specialists from the partnership created by Chimcomplex with Tricon Energy USA (the biggest international trader in this domain, with a turnover of USD 6 bln), E.ON Germany’s electricity division, Raiffeisen Bank and investment funds. After the audit was completed, Chimcomplex’s leadership announced it is getting ready to file a bid for Oltchim’s functional assets,” the communiqué reads.

In this sense, Virgiliu Bancila, Chairman of Chimcomplex Borzesti’s Board, convened the company’s General Assembly of Shareholders (AGEA), in order for it to approve the company’s involvement in the process of buying Oltchim’s assets.

According to the communiqué, Chimcomplex and Oltchim will set up the National Chemical Company, a company that will put Romania back on Europe’s chemical industry map, considering the commercial strength that the two plants will jointly have.

“I believe Romania deserves to have a strong company in Europe, at least in the chemical industry. We, Romanians, have chemistry schools, renowned universities and dedicated researchers; the country has mineral resources that instead of being exported should be chemically processed in the country. Thus, jobs are created, taxes paid and a better outlook is generated for Romania’s whole economy,” Virgiliu Bancila states in the communiqué.

At the end of January, Oltchim representatives stated at a press conference that they received three letters of intent, for privatization, from a Chinese company and two Romanian companies.

“China’s Junlun did not lose interest in buying Oltchim. They very well know the plant’s condition and what is going on here. However, they need an investor that, we believe, is yet to take a final decision. On the other hand, the Chinese side prefers not to disclose too many aspects before something concrete takes place on this issue. However, the interest is still there and they will come to visit Valcea in March,” stated Nicolae Balan, representative of BDO Business Restructuring, company that is the plant’s trustee in bankruptcy, alongside Rominsolv.

Moreover, there are two other Romanian companies interested in taking over the plant, Rominsolv representative Gheorghe Piperea stated. He refused naming names, however pointed out that he is talking about a consortium of companies and a company from the capital market.

“Apart from these investors that sent letters of intent, nobody else showed interest in taking over Oltchim. Only the three did,” Piperea added.

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