Romania’s Ministry of Economy has recently signed a contract with PricewaterhouseCoopers (PwC) for consultancy services in preparation and implementation process of the privatization of Romania’s petrochemical company Oltchim Ramnicu Valcea, according to the Ministry.

KPMG and White & Case Pachiu association and Taylor DeJongh and SNR Denton consortium have also submitted offers for the Romanian company’s privatization, but PwC’s offer received the highest score.

In November this year Oltchim Ramnicu Valcea announced that 1,000 of its 3,400 employees will be temporarily laid off on three quarters pay, due to lack of raw materials and working capital.

Oltchim Ramnicu Valcea posted a net loss of EUR 42.7 million in the first nine months of this year, a 1 percent greater loss compared to the same period in 2010. At the end of September the company had a total of 3,470 employees.

The main shareholder in Oltchim is the Romanian state, with 54.8 percent of the shares, while PCC owns 17.5 percent of the shares.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Sxc.hu)