Romanian Oltchim To Be Sold After Turning To Profit - Econ Min

"Oltchim will enter the privatization process, but at the tight time. (…) If we try to sell right now, we will not get anything for it," Videanu said. He added the local authorities are currently in negotiations with the European Union to convert a receivable held by the privatization authority AVAS in Oltchim and capitalize the company.

Oltchim is majority owned by the Economy Ministry, with a 54.79% stake.

The chemical plant reported first-quarter losses of RON52.8 million, nearly double on the year, but said it expects to switch to profit in 2010 on higher revenue.

On the Bucharest bourse Tuesday, Oltchim shares were down 1.58% at around GMT1150, at RON0.187.

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