Bloomberg News

Romania Sees Majority in Chemical Oltchim Sold By Next May

October 26, 2011

(Updates with Petrom’s CEO comments in third paragraph.)

Oct. 26 (Bloomberg) -- Romania will probably sell a majority stake in chemical manufacturer Oltchim SA by April or May next year as talks with OMV Petrom SA to buy its Arpechim refinery have not yielded results, Deputy Economy Minister Karoly Borbely said.

Romania plans to select an investment bank to manage a sale in Oltchim by the end of the year as it seeks to meet pledges to the International Monetary Fund, Borbely said today in an interview in Bucharest today.

Petrom had initial talks with Oltchim on the possible sale of Arpechim refinery and will continue negotiations, Chief Executive Officer Mariana Gheorghe said in a separate interview today.

--Editor: Douglas Lytle

To contact the reporter on this story: Andra Timu in Bucharest at

To contact the editor responsible for this story: James M. Gomez at

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