The Romanian Oltchim chemical company will be privatized by Lukoil-Neftehim

The Romanian Oltchim chemical company will be privatized by Lukoil-Neftehim

Lukoil-Neftehim General Director Mr. Alexei Smirnov, informed that his company was planning to participate in the tender conducted to privatize major Romanian chemical company Oltchim.
Lukoil-Neftehim through its Ukrainian arm, Lukor, is currently supplying this company with the feedstock.

In April 2001 the majority stake in Oltchim was sold to Canadian Exall Resources but four months later the Romanian privatization committee reversed the transaction. In exchange of 53% of Oltchim shares the Canadian company had to pay initially $1 million and then another $0 million within three years.

Mr. Smirnov did not reveal the details of a new tender but added that the transaction could be completed before the end of this year.

The group waived its participation in privatization of Turkish Petkim having decided that the tender conditions "were too risky for an investor". For the same reason Lukoil-Neftehim is no longer interested in Belorussian petrochemical companies.