Authorities: Oltchim will be taken over by a Chinese company next week

Ion Calea, president of Valcea County Council, announced on Friday during a meeting that a Chinese company is set to take over Oltchim next week.

“There is a concrete chance that next week we will finally have closure for Oltchim. Yesterday, minister Nita, asked by prime-minister Victor Ponta for an update on Oltchim’s situation, the minister gave guarantees that over the course of next week a company from China will sign the contract to buy the majority shareholder package at Oltchim and they will keep the 2,400 employees. I believe this is the best possible news for the inhabitants of our county”, according to Ion Cilea.

Oltchim, the largest company in Valcea, has been insolvent since January 2013 and is currently working at 25 percent of capacity. There have been many attempts to privatize the state company over the years.

The last term for selling the State’s shares is June 6.

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