Articles in category Chemicals Industry
Shareholders in fertilizers producer Amonil - Slobozia on Tuesday authorized
the company's participation in the increase in the share capital of Amochim
by 1.15 million USD equivalent in...
The privatisation process of the Oltchim plant cannot be initiated this year
because it has to go through a series of legal steps, which will take a few
...
Total Lubrifin, controlled by the fourth biggest petroleum group in the
world - Total (France), saw losses worth 1.7 million euros (6.2 million RON)
in 2005, the company's...
The bidding organized by Finconta Consulting, the judicial liquidator of
Carom Onesti, for the assets sale of the synthetic rubber producer, will
start at 48 million euros. ...
Amonil Slobozia, a chemical fertiliser producer, will lay off 231 employees,
following a decision made in the Extraordinary General Meeting of
Shareholders. In the EGM that took place...
Shareholders in fertilizers producer Amonil - Slobozia on Tuesday authorized
the company's participation in the increase in the share capital of Amochim
by 1.15 million USD equivalent in...
Sanjay Dalmia, Chairman, GHCL, is envisaging a turnover of around USD 4
billion in the next two years. He also expects the Romanian plants to give
revenues around...
The Ministry of Economy and Trade will give up the capital increase at
Oltchim. The measure is necessary in order for the privatisation process of
the company to...
Cabot Corporation Chemicals (U.S.A.) producer is planning to build a factory
for the production of carbon black, said Deputy Prime Minister George Copos.
The representatives of Capot Corp...
The investor which takes over Oltchim Ramnicu Valcea will have to pay
company debts to the state budget and insure the complete payment of overdue
installments relevant to external loans. The Ministry of Economy and
Commerce (MEC) has established the stages for the privatization process of
Oltchim and the recovery of company debts held by the Authority for the
Recovery of State Assets (AVAS), to be presented to the government under the
form of an emergency ordinance. In the first stage, a 2003 decision to
convert a 95.2 million dollar debt into shares will be overruled. That
decision has led to MEC holding a 95.7 percent stake in the company.
The overruling will lead to AVAS regaining the debt and partially collecting it through public auction sale of assets not involved in the production process. The remaining debt, up to 95.2 million dollars should be fully paid by the investor that acquires Oltchim. The privatization contract will also provide a commitment for the buyer, as a majority shareholder, to pay in full and on time the installments for external loans guaranteed by the state and payments phased until October 31, 2009. Debts related to external loans amount to 50.7 million dollars and are expected to increase by October 2009 to about 70 million dollars if Oltchim does not make its regular payments. Oltchim Ramnicu Valcea estimates a net profit of about 12.5 million euros for 2006, almost double the 2005 figure, and a turnover of approximately 500 million, up 23 percent from last year. Several companies, including Vienna Capital Partners investment fund and the main Polish oil company PKN Orlen have shown their interest in taking over Oltchim.
source
The overruling will lead to AVAS regaining the debt and partially collecting it through public auction sale of assets not involved in the production process. The remaining debt, up to 95.2 million dollars should be fully paid by the investor that acquires Oltchim. The privatization contract will also provide a commitment for the buyer, as a majority shareholder, to pay in full and on time the installments for external loans guaranteed by the state and payments phased until October 31, 2009. Debts related to external loans amount to 50.7 million dollars and are expected to increase by October 2009 to about 70 million dollars if Oltchim does not make its regular payments. Oltchim Ramnicu Valcea estimates a net profit of about 12.5 million euros for 2006, almost double the 2005 figure, and a turnover of approximately 500 million, up 23 percent from last year. Several companies, including Vienna Capital Partners investment fund and the main Polish oil company PKN Orlen have shown their interest in taking over Oltchim.
source
