Oltchim closes January on profit, Economy Minister says

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Economy, Trade and Tourism Minister Mihai Tudose announced that Oltchim, the chemical plant in Ramnicu Valcea, had recorded EUR 700,000 profit in January, which makes it more attractive for the long-awaited privatisation, Agerpres informs.

‘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 during a press conference at Braila.

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

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

Oltchim is insolvent for two years now, and privatisation 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 EUR 800 million.

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