MOSCOW (MRC) --The European Commission (EC) has asked Romania a series of questions regarding the privatization process of the Romanian chemical producer Oltchim SA, as per Ceeinsight.
"There is a suspicion that the state doesn’t act like a private investor," the president of the Romanian Competition Council Bogdan Chiritoiu stated, as cited by the newswire. "The EC has asked for an explanation regarding the fact that, although Oltchim has debts toward the state, the state doesn’t apply any enforcement actions, as any creditor should do, which raises concerns about a possible state aid."
Romanian chemical producer Oltchim entered into insolvency proceedings in January 2013. The privatization of the company was set for December 2014.
In the first half of 2014, Oltchim narrowed its loss to RON 114.5 mln, which is 22% down year-on-year, as in the first half of 2013 the company reported a loss of RON 147.4 mln.
Oltchim's main products include polyvinyl chloride (PVC), polyols, dioctyl phthalate (DOP) and caustic soda.