"Oil Terminal" - the real target of the Russians in Romania

• TISE wants to talk more about "Oil Terminal" than about "Oltchim"

The Russians of TISE-Gazprom are interested in buying "Oil Terminal" and in order to get it, they would be willing to buy other assets on the Romanian market as well, including Oltchim, according to our sources.

The company of Constanţa provides services for the oil industry, as it is one of the main Romanian companies with access to the Black Sea, through which the import/export of crude oil, petrochemical and chemical products takes place.

The fact that the Russians are very interested in "Oil Terminal" corresponds with the statements made by Sorin Ciutureanu, the CEO of Oil Terminal Constanţa, made in an interview he gave BURSA, published on November 19th. He said: "When it comes to trends, for us, an important point to review is the relationship with the Nis refinery in Serbia, as its loading and unloading of products through Oil Terminal could increase significantly".

Nis Serbia is also part of the Gazprom group.

Rodin Traicu, secretary of State in the Ministry of the Economy, recently said that a delegation of Russian company TISE is expected to arrive in Bucharest in a few days to discuss a "strategic collaboration" in the petrochemical, oil refining and chemical products sector, including Oltchim.

According to our sources, TISE is coming to reassure the government that they are interested in doing business with us, but a concrete decision is not expected to be made earlier than March 2013.

Rodin Traicu said: "The people of TISE have rescheduled their visit due to some events which took place in the Russian Federation, in which the CEO of TISE was involved. The visit will be made by the CEO of TISE, will most likely take place in mid-December and will be established through diplomatic channels, through the Romanian embassy in Moscow".

The meeting with the delegation of the Russian company was initially scheduled to take place in mid-November. In the beginning of November, BURSA reported that secretary of state in the Ministry of the Economy, Rodin Traicu, has invited the management of TISE to make a working visit in Romania, to discuss the potential investments of the Russian group in Romania, especially about Oltchim.

In the beginning of the year, TISE, part of the Gazprom group, expressed its interest in acquiring Oltchim Râmnicu Vâlcea, but it did not participate in the call for tenders held by the Ministry of the Economy in September.

Oltchim has outstanding loans amounting to 72 million Euros taken out from BCR, 11.5 million Euros from CEC and 35 million Euros from Banca Transilvania.