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Russia' s Tise could participate in tender for sales of Oltchim

November 17/2011

(PlastEurope) -- Gazprom subsidiary interested in takeover / Production cuts continue in November
Even before the sales process for the government-owned stake of petrochemicals group Oltchim officially began, Romanian Economics Minister Ion Ariton was holding talks with a Russian delegation. According to a report from Bucharest, the managers of utilities company Tise (Moscow) "are interested in a takeover and in continuing the business". Ariton pointed to the invitation to tender which was about to be opened, saying that Tise could participate. The government wants to complete the sale of the 54.8% share package by the end of April 2012.

Tise was founded in 2003 by several Russian companies, including Tehnopromexport, Zarubejneft and Zarubejneftegaz. At least the latter is a wholly owned subsidiary of oil and gas giant Gazprom.

In the meantime, General Director Constantin Roibu has once again decreed technical unemployment due to a lack of working capital and a shortage of raw materials. As a result, 1,000 employees will stay at home from 15-30 November Ц with 80% remuneration.

Over the first nine months, although Oltchim managed to lift sales by 38% to a good EUR 296m, the net loss of EUR 41m is comparable with the figure for the same period last year.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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