APAPS in a rush to sell Oltchim

In a surprisingly fast move, the Privatisation Authority (APAPS) yesterday put petrochemical plant Oltchim Ramnicu-Valcea up for privatisation again. Oltchim, the last of the big Romanian companies that were included in the APAPS portfolio, is now splitting and its debts are being restructured. Moreover, according to the privatisation announcement, the potential buyers will only have about two weeks to come up with the financial and technical bids, which must be submitted by November 10. According to market rumours, APAPS received two letters of intent for the acquisition of Petrom this summer, from Russian giant Lukoil and Austrian financial group Vienna Capital Partners, the main shareholder of Hungarian petrochemical plant Borsodchem. ZF