EXCLUSIVE: Romania To Sell Majority Stake In Oltchim In 2H/2012

Romanian authorities are poised to hire an international consultant to prepare key-privatizations of state run companies, including chemical producer Oltchim SA (OLT.RO), according to the country’s draft letter of intent agreed with the International Monetary Fund.

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The consultant will be selected by end-August and the actual transactions will be concluded in the second half of 2012, the letter, which was obtained by MEDIAFAX, said.

Romania, through the Economy Ministry, owns 54.79% in Oltchim.

In 2010, Oltchim's net loss widened 22% on the year to around EUR545 million. The company is among the 20 money-bleeding institutions monitored by the IMF under a two-year financial agreement slated to start early May.

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