Businessman Ioan Niculae owns chemical plants worth €1 bln

Following the merger, the resulting company will be listed on the London Stock Exchange (LSE). "I think we are to finalize the project in one year or one year and a half," he told Business Standard.

Through his agricultural company InterAgro, Niculae controls fertilizer producers Donawchem Turnu Magurele, Amurco Bacau and Gaproco Chemicals Piatra Neamt. Furthermore, InterAgro owns 8,2 percent of chemical plant Amonil. Two offshore funds control 51 percent of the company’s shares.

Amonil targets some RON 22.65 million (€6.2 mln) in net profit this year, 3.2 times higher on 2007, and turnover four times higher year-on-year, up to RON 362.7 mln (€99.3 mln).

Last year, the company's profit amounted to RON 7.02 mln (€1.9 mln). The funds were used to cover for previous years' losses.

"The significant growth estimated for the company's profit and business is mainly due to higher prices for products and to the fact that we reached an agreement with Romania's government stating that local producers can buy gas made in Romania" at cheaper prices, according to Niculae. He added a share capital increase is needed for Amonil, to cover significant debts to gas supplier Distrigaz Sud.