The contract, by which Oltchim would take over the Petromchemical Arges petrochemical division from the Petrom oil company, could be signed for €1, market sources told Business Standard. To enter effectively into possession of Petrochemical Arges, Oltchim will need at least €15 mln to cover raw materials, final product and replacement part stock, investments the majority shareholder of Petrochemical Arges initiated last year, to ensure a working capital of at least €50 mln and open a letter of credit of several tens of millions of euro, to continue its relationship with Petrom.
“Oltchim needs funds worth €620.6 mln for the capital rise, to acquire the petrochemical division from Petrom, for environmental investments and upgrading,” the quoted sources said.
