Preliminary offer of intention at Oltchim to be published on Monday

The investor who wants to take over Otlchim should have bank documents covering at least 25% of the amount engaged and should have experience in the field of chemistry and petro-chemistry, said the minister of economy Varujan Vosganian.

“We decided to have early negotiations and make a preliminary intention request to see market expectations and help draw up a short list of possible investors. The offer will be published on Monday on the ministry site. Such an investor should have bank documents proving it can cover at least 25% of the amount engaged. It should have experience in the field of chemistry and petro-chemistry and a global network it should be part of. The offer will be published on Monday of Oltchim and ministry sites”, Vosganian said at a press conference.

The representatives of judicial administrators said that eight companies were interested in Oltchim, three of which have presented letters of intention.Vosganian showed that the target was to have Oltchim become credible to cover 2014 activities with firm contracts.

The Ministry of Economy announced in early May that it had received ten letters of intention for Olthcim Ramnicu Valcea plant from large companies from India, Qatar, Great Britain, Germany, Israel or Azerbaijan, who had even visited the plant.

Oltchim has been in insolvency since January 2013. Romanian authorities promised IMF to privatize OItchim which would otherwise go bankrupt.

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