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/ #15671 Five investors interested in Oltchim privatization, deadline for submission of bids may be delayed

2014-01-17 13:27

http://www.financiarul.ro/2014/01/17/five-investors-interested-in-oltchim-privatization-deadline-for-submission-of-bids-may-be-delayed/



Five investors have voiced their interest so far for taking over petrochemical plant Oltchim Ramnicu Valcea (south), and the deadline for the submission of bids, set for January 31, may be delayed, official sources have told.

Those interested are businessman Stefan Vuza, through Chimcomplex Borzesti Co; the consortium made up of the Germans at PCC and Israeli investment fund Fortissimo; the Russians at Oil and Gas Trade; the consortium including Baota Petrochemical Group and Junlun Petroleum Co. from China; as well as the Hungarians with Petch, MOL’s petrochemical division.

“These companies have either purchased the specifications book or signed letters of intent for having access to the company’s data. So far, no one has submitted a binding bid, and the deadline for this, set by the Creditors’ Assembly, is January 31,” the mentioned sources have said.

In addition to the said companies there are also the Azeris at SOCAR who showed interest in the plant, then they announced in the press they renounce these plans, without informing the authorities that they no longer want to participate in the privatization process.

“Most of those that have voiced their interest in participating in the bidding requested the extension of bid submission deadline. There are discussions in this sense and this possibility is being analyzed. The decision to extend the deadline for bid submission may be taken only by the Creditors’ Assembly. This will convene in a meeting immediately after the expiry of the deadline and if it they find that the extension is necessary, they will take a decision in this regard,” the said sources also mentioned.

In December 2013, the Oltchim Creditors’ Assembly set at 305.2 million euros the landmark value of Oltchim assets, which were transferred to a new company and will be privatized. Creditors approved also the establishment of this new company, Oltchim SPV, which will take over the viable assets of Oltchim, the old company, and will be privatized.

Petrochemical plant Oltchim has been in insolvency since the beginning of 2013.