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Romania to privatize Oltchim and resume the sale of Cupru Min

May 08/2012

(balkans) -- Romania will privatize chemical producer Oltchim Ramnicu Valcea in September and resume the sale of copper producer Cupru Min, the country's economy minister-designate, Daniel Chitoiu, told IMF and European Commission officials.

Chitoiu said Cupru Min is to be reevaluated and requires an environmental permit before the auction to sell it can be resumed.

Roman Copper won an auction to buy 100% in Cupru Min for EUR200.77m. The purchase contract was due for signing on April 6, but the Romanian government said the deal was cancelled because the two parties could not reach a satisfying agreement on the terms of the deal.

Chitoiu also said Oltchim is to have private management by June and will be privatized by end-September this year. Under its agreement with the IMF, EC, and World Bank, Romania was supposed to sell off Oltchim and Cupru Min by the end of April.
Author:Anna Larionova
Tags:PVC, Oltchim.
Category:General News
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