EnglishOltchim (BSE:OLT) will place a bid for the petrochemical operations of Arpechim - Pitest on October 3rd. Arpechim is currently property of Petrom - Bucharest.
"We have had several meetings with Petrom management and we will have another one on September 5th. We will place a bid on October 3rd. Nonetheless, our success will also depend on the number of companies interested in the refinery," said Oltchim GM Constantin Roibu.
Arpechim is Oltchim"s sole ethylene supplier. Oltchim requires ethylene to produce PVC, which accounts for 40% of their turnover. As ethylene cannot be legally transported by train, but only by truck, Oltchim must ensure that their suppliers are within a cost-efficient range. In Arpechim"s case, a pipe carries the ethylene directly to the chemical plant.
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