Romanian Oltchim May Get State Guarantee From Eximbank – Econ Min

Videanu said the guarantee would be granted in order to allow Oltchim to carry on its potential deal with Romania’s largest oil company Petrom to buy the petrochemical activity of the Arpechim refinery from Petrom, but also to finance its activities.

The Economy Ministry initiated a Government decision draft aiming to buy the petrochemical assets form Arpechim, in order to set up a state-owned company putting back to function Arpechim’s installations turned off in November 2008.

Oltchim is majority owned by the Economy Ministry, with a 54.79% stake. Germany’s PCC SE owns a 12.15% stake in the plant, while the rest of the shares are held by several investors.

Monday, Oltchim’s shares on the Bucharest Stock Exchange closed at RON0.264 per share, up 13.3% on the day.