The Mediafax news agency reports that four investors have expressed interest in acquiring the state-owned shares in Oltchim (Râmnicu Vâlcea / Romania; www.oltchim.ro) that have been put up for sale. The interested parties include minority shareholder PCC (Duisburg / Germany; www.pcc.eu) as well as Gazprom subsidiary Tise (Moscow / Russia; www.tisegroup.com). The reports also indicate that an Arab group and Rompet Romgas. The expiry date for non-binding offers was initially fixed for 17 April 2012.

The Romanian government plans to sell its shares for EUR 300m. However, these plans will probably only be realised if Oltchim supplier Arpechim becomes part of the deal. Without the latter’s feedstock supplies – Arpechim operates a 185,000 t/y ethylene cracker – the 54.8% of shares up for sale lose all their value. After all, considering all group debt and the necessary investment in revamping the ailing facilities, some of which were idled months ago, a potential buyer will have to invest up to EUR 1bn into the group.

Rompetrol, which is managed by a Swiss holding group, is the only interested party that would be able to somewhat secure Oltchim’s feedstock supply through its refinery in Constanta port. In addition, the company has the necessary thermoplastic background – Rompetrol itself operates several HDPE lines and its Palplast subsidiary turns out plastic pipes. Another prospective buyer, PCC, already owns 33% of Oltchim shares together with Carlson Private Equity (London / UK; www.carlsonfunds.co.uk).

Oltchim posted sales of about EUR 362m in 2011 (2010: EUR 311m) – a poor showing compared to the EUR 590m in revenues generated in 2007. Last year’s operative results were EUR 63.5m in the red (2010: a negative EUR 53m). Group board chairman Constantin Dascalu recently resigned from the post he had assumed just last September as part of a management sharing plan. He was replaced by Romania’s economic undersecretary of state Karoly Borbely.