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The financial investment firms (SIF) in Romania are considering the option of setting up a consortium that will attempt to save Oltchim, Romania's state-owned petrochemical plant.
Costel Ceocea, president of SIF Moldova, made the proposal during a meeting with Varujan Vosganian, the economy minister.
Oltchim went into administration in January after a failed privatization attempt and the government is currently looking for investors willing to acquire its 54.8 percent stake in the beleaguered company.
“In the opinion of our dialogue partners, this consortium is interested in the operation of the plant after its privatization and their intention is to invest in a project integrating the Oltchim Ramnicu Valcea and Chimcomplex Borzesti plants, which has as strong points the advantageous geographical position, the international export markets that can absorb 70 percent of the output, modernized installations, most of which are competitive from the point of view of costs,” said the Ministry of Economy in a statement.
The meeting was also attended by George Mucibacici, Deloitte president, Hein van Dam, Deloitte partner and Stefan Vuza, president of SCR Grup - a former bidder in Oltchim.
Oltchim’s insolvency status and certain financial figures were presented during the meeting.
The Ministry of Economy said on Wednesday that Russian group Oil Gas Trade is interested in acquiring the platform in Ramnicu Valcea, the petro-chemical division in Bradu and the Arpechim Refinery, owned by OMV Petrom. The group said it would invest EUR 300 million in the integrated plant, following its acquisition.
PCC SE, the minority shareholder in Oltchim, teamed up with Fortissimo Capital, an Israel-based investment fund. The newly formed consortium said on Tuesday it planned to place a bid in Oltchim and allot funds to meet its investment needs.
PCC holds a stake of 18.3 percent in Oltchim, and controls another 14 percent of the shares through POLYOLT HOLDING LIMITED, a Cyprus-based company.
Shares in Oltchim are suspended from trading on the Bucharest Stock Exchange because of the insolvency procedure. Business Review Romania
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