The Romanian Government has initiated procedures for the privatization of Oltcim SA Ramnicu Valcea chemical company, the Economy Ministry announced on Tuesday. It showed that according to a draft letter of intention agreed by the Romanian Government with the IMF, World Bank and the European Commission, the Oltchim privatization is due to be launched in the first half of 2012.
Romanian authorities will acquire consultancy services for the process this year. By August, the government will employ an internationally recognized consultant to prepare the privatization, while the bidding for the sale will take place by mid 2012.
The Romanian state, through the Economy Ministry, controls 54.79% of the Oltchim chemical plant. The company debt amounted to 2.289 billion lei by the end of 2010.
