Chimcomplex: a thriving business propelling Romania’s economic growth

The chairman and majority shareholder of Chimcomplex since its privatization in 2003, Stefan Vuza, started his own company 30 years ago and has continued to add to his track record in the Romanian business community. He is the best-performing industry businessperson in the country. Business Review talked to him about the secrets behind Chimcomplex’s success.

By Anda Sebesi

How would you tell the Chimcomplex story and explain its success, along with your own accomplishments as a businessman?

The Romanian Commercial Services (SCR) Group is celebrating its 30th anniversary this year, and the Romanian Chemical Company (CRC) Group has reached the age of 5. Through the group’s most well-known company, Chimcomplex, my name has become synonymous with the chemical industry. I attained this distinguished and challenging position through long-term thinking in global business. I skillfully juggled numerous variables, keeping myself anchored in a different reality.

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What were the biggest challenges Chimcomplex faced in 2023?

2023 was a year of decline for entire European chemical industry. That is why, at the group level, we are working to reduce the risk of cyclicality that is specific to the chemical industry by investing in two other anti-cyclical divisions. I am referring to the Energy Division, which is already in its fourth year of investments, and where we plan to become one of the first 5 players in the economy.

What were the most important projects the company carried out in 2023?

The completion of the investment in the largest high-efficiency cogeneration plant built in Romania in the last 11 years will increase our energy capacity to a total of 49.6 MWh. This capacity can be utilised by the entire Chimcomplex industrial platform. The cogeneration plant built in Ramnicu Valcea will have a global energy yield of over 90.5%, surpassing the European and national average of 49%. This new addition to the system will not only secure our energy needs, thereby reducing CO2 emissions by over 88,000 tonnes per year in the first phase, but will also enhance our economic competitiveness on an increasingly dynamic European market. Our new plant will generate sufficient energy to meet the consumption needs of a population exceeding 500,000 inhabitants. To provide a clearer perspective, this energy production is equivalent to the electricity needs of the cities of Ramnicu Valcea, Buzau, Pitesti, Focsani, and Slatina. Another unique trigeneration energy production investment in the chemical industry was swiftly completed in 2023, also at our Ramnicu Valcea plant. The installation boasts an above-average energy capacity for Trigeneration, with a maximum production of 8 MW of electricity—enough to meet the consumption needs of a city with at least 10,000 inhabitants; 11 MW of steam, sufficient to heat a neighborhood; and 1 MW of cold, ample for cooling a cold storage facility.

What is your outlook for the Romanian chemical industry in 2024?

For the second consecutive year, Chimcomplex holds the 1st position in the Industry category and the 6th position among the 25 most valuable Romanian entrepreneurial companies. The world of tomorrow will be increasingly shaped by chemistry, as many climate-neutral solutions, from wind turbines to electric vehicles, are grounded in chemistry. While economic crises bring heightened risks, the right approach is not only to identify them but also to leverage them and have the courage to “surf” these significant waves. We are committed to investing when others pull back, predicting trends to return from where others are just beginning, staying vigilant, and focusing solely on development.

How important are ESG and sustainability criteria for Chimcomplex?

Chimcomplex is committed to achieving Net Zero operations by 2050 and has set ambitious greenhouse gas (GHG) reduction targets for 2030 across its entire value chain. To attain these goals, a significant amount of capital expenditure (CAPEX) is allocated to low-carbon projects and activities by 2030. The organic growth of CAPEX will be driven by investments in sustainable and low-carbon projects in all business segments.

Our strategy for 2021-2030 demonstrates our commitment to transitioning toward a low-carbon future, with sustainability fully integrated into our business plans. Our sustainability actions focus on responsible operations, empowering people and communities, and leveraging innovation and digitalization. The goals outlined in the UN Agenda for Sustainable Development 2030 are an integral part of our sustainability mission, and the Sustainability Framework covers all relevant material topics.