“The negotiations are being carried out through a company in Zurich. Even I do not know the name of the Italian company,” said Nitescu. The businessman is also negotiating with a company in Liechtenstein, interested in processing soy.
The factory in Tandarei owns assets worth €25-26 million, and has 200 employees. “This year’s sunflower production was very good, but less so in terms of quality, due to the draught in the latter part of the summer,” added Nitescu. He indicated that Romania did not export sunflower this year, because Russia and the Ukraine had an excess which it exported.
The Romanian oil market is estimated at some 220 million liters a year and a value of some €200 million. Main companies are Bunge, Cargill, Prutul, Ultex Tandarei, Agricover and Ulerom Vaslui.
Ultex processes 175,000 tons of soy a year and has some 40 percent market share on the soy oil market. The company began producing biodiesel in 2006.
Vasile Nitescu is involved in tourism, trade, agriculture and the chemical industry. He declared that he wishes to sell the oil company and give up the biodiesel business to focus on his other businesses, especially real estate.
