Three companies are interested in buying Romania’s insolvent state-owned chemical producer Oltchim, said Economy Minister Florin Tudose. Two of the companies are Chinese and one is from Europe.

The representatives of a Chinese consortium visited Oltchim last week, said Tudose, cited by local Capital.ro.

The Government needs to receive first the companies’ intention letters, to proceed with the sale.

The plant’s creditors approved at the beginning of March the reorganization plan proposed by Oltchim’s judicial administrators. The minimum price to sell Oltchim is EUR 307 million, according to the plan.

The chemical producer has been under insolvency for two years. Privatization attempts had failed several times in the past. The company, which is the largest chemical producer in Romania, currently has debts of EUR 800 million.

editor@romania-insider.com