Romania's Govt Puts Oltchim Sale In Stand-ByPublish date: 19-11-2008
The privatization of Romanian chemical plant Oltchim (OLT.RO) is currently in stand-by, and the sale will be resumed when the market ensures favorable conditions to keep the plant's employees, in the meantime the company being supported by state aids approved by the European Commission.
"We have decided today to put the privatization process in stand-by. We do not have a market able to sustain such a process and we want the privatization to be developed in good conditions, so that we could guarantee the people's jobs in the plant," Romania's Prime Minister Calin Popescu Tariceanu said Wednesday, at the end of the Government meeting.
He added the Government will find other ways to sustain Oltchim, including state aids approved by the European Commission, so that the plant would be able to further function.
According to Tariceanu, the country's privatization authority AVAS and the Finance Ministry must regulate certain commercial reports between Oltchim and Romania's dominant oil company Petrom (SNP.RO), which is the plant's main supplier of raw material.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei