Chinese investors interested in Oltchim, welcomed by Gerea

Romania’s Minister of Economy, Andrei Gerea, continues his campaign through which attempts to attract foreign investors to possibly take over Oltchim. Gerea met yesterday with the presidents and specialists of two Chinese companies, BAOTA Petrochemical Group and JUNLUN Petroleum Co. Ltd. that could support the economic recovery of Oltchim. Along with the Chinese delegates, Hengchao Sun and Changging Xie, at the meeting attended Oltchim’s receivers, the special administrator of the chemical plant, now insolvent, the company’s management, representatives of the Ministry of Economy and those of OPSPI (Office of State Ownership and Privatization in Industry).

The Minister stated his appreciation towards the interest the Chinese investors showed in connection with the privatization of Oltchim adding that ‘For Oltchim we’re looking for serious partners that are capable of managing this industry giant that can generate an annual turnover of EUR1 billion. Therefore, these meetings and talks with powerful investors in this sector are very important.’

The Asian country intends to develop some projects in the oil field in Romania, being interested in investments in this sector, hence following the yesterday meetings during which the representatives of the chemical plant clarified the main aspects concerning Oltchim’s current situation, the Chinese delegation will pay visits both to the Valcea plant and Bradu plant (near Pitesti) within the next days. Based on their conclusions and their own assessment, they will further discuss the Oltchim issue with the Minister of Economy before leaving Romania.

The privatization of Oltchim is one of the major targets Gerea established for 2014, after his recently appointment as Minister of Economy.