Oltchim announces investments worth €1 bln

Oltchim shares rose yesterday by some 4 percent, with the company’s stock exchange capitalization reaching some €76 million.

Half of Oltchim’s business is to be provided until 2012 by Petrochemical Arges, the company’s main supplier, presently owned by Petrom. Oltchim is due to take over Petrochemical, with the transaction expected to be finalized by the end of May, according to plant representatives.

Oltchim officials added that the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), the latter a member of the World Bank group, could become shareholders of the company this year, which would sustain the investment program announced.