Oltchim postpones investments worth €300 mln due to the crisis

The state-owned Oltchim Ramnicu Vilcea complex postponed investments worth over €300 million due to the financial crisis, a plunge in the main export markets, and the decline by 50 percent in the price of products, the company’s General Manager, Constantin Roibu, told Business Standard in an interview yesterday.
“We have foregone a large part of our investment program, due to the fall of the markets. We are now focusing on Oltchim’s basic needs and will reduce capacities even there,” Roibu said.

However, the crisis will not change Oltchim’s immediate priorities, according to the General Manager. The company’s management is in advanced negotiations with major local banks for a loan of some €50 million, to finance the acquisition of Petrochemicals Arges, for sale by Petrom, Romania’s largest company, owned by the Austrian OMV group

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