Oltchim forecasts €538 mln worth of business in 2009

“Due to the global crisis, demand on foreign markets and the price of our main products have dropped, so Oltchim registered a significant decline as of October,” he said. The chemical plant will operate at lower capacity in the first two months of 2009 and resume full operations as of March.

The company’s strategy for 2009 relies on maintaining the client portfolio, including on markets with difficulties.

Next week, shareholders will meet to discuss a possible takeover of the petrochemical division of Arpechim refinery, currently owned by Petrom oil group, and the opportunity of a €100 million loan needed to finance the acquisition and ensure part of the working capital.

Oltchim is controlled by the State Assets Authority (AVAS).