Oltchim to have a EUR 1.4m production gap following explosion on August 14

A polyether installation exploded on Tuesday leading to halting activity, most likely to be restarted within five days. One person died and other two were brought to a hospital in Bucharest with severe wounds.

Local auhtorities have started an investigation to find out why the accident occured.

The Authority for State Assets Recovery (AVAS) which is the majority shareholder of Oltchim, promised to reanalyze the company's investments program in order to prevent future accidents.

Oltchim shares had been suspended yesterday from trading on the Bucharest Stock Exchange because of the explosion. The shares started to be traded again today and decreased 2 percent, down to 0.96 lei at opening.

Oltchim posted a net profit of 3.94 million lei in the second quarter of the year, down 30.5 percent from the first quarter and 10.8 percent less than the same period last year. The company's share capital stands at 354.695 million lei divided in 3.55 billion shares at a face value of 0.10 lei.