Karoly Borbely, State Secretary within Romania's Economy Ministry was named president of the board for state-owned chemical producer Oltchim Râmnicu Vâlcea. Karoly Borbely replaced Constantin Dascălu, who resigned six months into the job.

Oltchim is one of the companies Romania plans to privatize. It ended 2011 with a loss of EUR 63.6 million, above the one reported during the previous year- EUR 53 million The company’s short term debt also went up, to some EUR 364 million, from EUR 278 million reported at the beginning of 2011. Oltchim will have to pay this amount in less than a year, while its long term debt went slightly down to EUR 232 million. The Romanian state owns 54.8 percent of Oltchim’s shares, while PCC owns 17.5 percent.

Karoly Borbely is a former IT&C Minister, between December 2007 and December 2008. He has been a state secretary in the Economy Ministry since January 2010.

editor@romania-insider.com