Nitroporos - Fagaras Could Postpone Start Of Operations for Spring

Nitroporos SRL, formerly the chemical plant Nitramonia - Fagaras, could postpone the start of operations for Spring 2009 because of some administrative problems. Union leader Lucian Cupu told Bursa that the situation was related to the fact that Distrigaz Sud had acquired the natural gas pipes within the compound, although they did not belong to Distrigaz Sud, as Nitramonia had paid for them. "Now no one comes to pressurize and check those pipes, although all of our installations are pressurized and checked," Cupu said. The situation has been clarified in the meantime, as Distrigaz Sud was unable to prove to energy market regulator ANRE that they did own the pipes. Under these circumstances, "we will probably be able to resume production next Spring, which is not ok for us, because we could have had another 500 productive employees by now." Nitroporos is controlled by the Swiss-based Gladwell, which acquired 60% in the chemical plant for 28 million EUR from Viromet Victoria in March 2008. Viromet currently holds the remaining 40%. Viromet is controlled by Interagro, which is controlled by businessman Ioan Niculae. Niculae explained that, according to the sale arrangements, Gladwell, as the new majority shareholder, would inject 28 million EUR as fresh capital to finance both operations and environmental investments.

Viromet Victoria bought the assets of the five companies on the former Nitramonia platform through a tender held in December 2007. Viromet paid 33 million RON (VAT included), by 20% less than the starting price of approximately 41 million RON. The tender was attended by two companies: Viromet and GA-PRO-CO Chemicals - Savinesti. Viromet Victoria is controlled by Interagro Group, which is controlled by businessman Ioan Niculae. In February 2007, he won another tender for the assets of Nitrofertilizer, the sale price being 34 million RON. However, since the assets were up for sale and free of all charges, Niculae refused to pay the price requested by AVAS, so Nitrofertilizer and the other splinters of Nitramonia - Fagaras went into voluntary liquidation.