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EUR 500 million worth of investment plan proposed for Oltchim

The Romanian authorities presented the European Commission a program for the relaunch of chemical plant Oltchim, providing investments worth 486 million euros of which the Romanian state will secure 80 pct.

According to the program made available to Agerpres by governmental sources, of the 486 million euros, some 388.80 million euros will be state-secured and 97.2 million euros will be attracted from other sources. The state will issue letters of guarantee covering 80 pct of the investments and Oltchim will have to finance the interest difference.

The 486 million euros will be structured as follows: 100 million euros for the acquisition of Arpechim, in a credit spreading over 5.5 years, and a 10-year credit for environmental investments worth 40 million euros, with three-year period of grace.

The program also supposes the engagement of a credit worth 116 million euros for revamping and enhancing the capacity of the pyrolysis installation, spreading over 10 years, with a three-year period of grace.

The highest is a EUR 230 million loan raised for 10 years with a three-year period of grace, that is intended for the modernization of the pyrolysis installation, for enhancing its capacity from 185,000 tons to 300,000 tons a year and from 92,000 tons a year to 150,000 tons a year respectively, for propylene. The credit will also finance the modernization of the vinyl chloride installation, the acquisition of a new installation for the production of this substance and the modernization of the mercury electrolysis installation.

President of the State Assets Capitalization (AVAS) Mircea Ursache said that the restructuring program is aimed at recovering the company's debt of 134.58 million euros to the state, that suggested that Oltchim's capital be supplemented by the debt to AVAS.

Oltchim Ramnicu Valcea closed 2008 with a turnover of RON 1.946 billion, up 11.3 pct compared to 2007, but in the last part of 2008, the financial result was strongly affected by the international economic crisis. With exports accounting for over 75 pct of its turnover, Oltchim was particularly hurt by the international crisis starting October 2008, when the average selling prices for its exports fell by over 30 pct.

Oltchim is the biggest petrochemical plant in Romania and market leader in the regional chemical industry for several categories of products.

The Ministry of Economy holds 53.25 pct of Oltchim's stake; the other shareholders are PCC Co. with 12.9 pct, SIF Oltenia - 5.93 pct and small shareholders, with a combined 27.91 pct.

 

Sursa: http://www.rompress.ro

Tags: million state installation euros oltchim worth sif

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