Romania Postpones Oltchim Privatization Until April 2012
The International Monetary Fund has agreed to a four-month extension until April 2012 of the privatization deadline of Romanian state-run chemical plant Oltchim (OLT.RO), the government said in its latest letter of intent to the IMF.
However, neither the government nor Oltchim is to buy the Arpechim refinery until Oltchim is privatized, the document noted.
Oltchim is 54.8%-owned by the Economy Ministry. The chemical company buys most of its raw materials from Arpechim, a unit of oil company OMV Petrom (SNP.RO).
Both the ministry and Oltchim have been contemplating buying Arpechim after Petrom said it would dismantle the unit because it couldn’t find a “credible buyer”.
Citește și
3 min
Liviu Popescu
1 min
Claudia Medrega
15 min
Mircea Nica