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Oltchim Râmnicu-Vâlcea estimates the repairs needed to allow Arpechim to resume operation in April will cost EUR 15 million. An additional 154 million investment is needed to increase its output capacity and to modernize the equipment of the Piteşti plant, according to Mediafax.
The board of administration of Oltchim (OLT) yesterday presented during the General Shareholders" Meeting the contract with OMV Petrom by which the latter will take over the petrochemical operations of Arpechim, as well as the sources of funding for its future acquisitions and investments, at the request of the PCC group, which owns 12.16% of Oltchim.
Oltchim paid EUR 12.89 million for the assets taken over from Arpechim, with funding coming from deferred income from customers for products deliverable later this year, according to Oltchim.
The repairs of Arpechim"s installations as well as the investments planned for the next three years will be financed using bank loans and supplier"s credit.
Also, shareholders have agreed to the sale Oltchim"s 25% stake in Mentchim. The suggested opening bid is 375,000 lei, and the minimum step for the bid is 5% of the opening bid.
The adoption of the revenue and expense budget for 2010 was postponed until the General Shareholders" Meeting of April.
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