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March 9, 2021

Will the setting up of the National Chemical Company succeed? Chimcomplex Borzesti files bid for Oltchim’s assets

Chimcomplex Borzesti, one of the most important Romanian petrochemical companies, member of the SCR Group controlled by businessman Stefan Vuza, has filed a bid to take over Oltchim SPV’s assets in Ramnicu Valcea.

This is Chimcomplex’s second attempt to buy Oltchim’s viable assets. Last year, Stefan Vuza launched the idea of setting up a National Chemical Company (CNC) that would have included Chimcomplex and Oltchim.

“CNC would be a company that would reposition Romania on the European chemical industry map, considering the commercial power the two plants would jointly have. I believe that Romania, based on the valuable experience gained in the chemical domain in more than half a century, deserves to have a strong company at European level, at least in the chemical industry,” Chimcomplex Borzesti Chairman of the Board Virgiliu Bancila stated for Agerpres.

Unlike Oltchim SA (the plant in its entirety), Oltchim SPV owns only viable assets. Oltchim is currently undergoing restructuring and is also targeted by a European Commission investigation into the erasure of tax arrears. Chimcomplex officials however claim that this will not influence the takeover of the company based in Ramnicu Valcea.

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