Rompetrol sues APAPS over Oltchim

Rompetrol Group has sued the Privatisation Authority (APAPS), filing for the suspension of privatisation at the petrochemical plant Oltchim Ramnicu-Valcea. Rompetrol through its petrochemical division, Rompetrol Petrochemicals, wants to participate in the privatisation of Oltchim, yet requests to be given some more time to analyse the job specification book and come up with an offer. APAPS had released the privation announcement for Oltchim on October 27 and initially set November 10 as the bid submission deadline. It later extended it until November 17 and pushed it even further to November 24 last Thursday. “The time allotted to devise an offer is extremely short and besides, the job specification book has a few inconsistencies: the financials are not up to date, and there are no details about the splitting process announced for Oltchim. At the same time, there is no information on how the company’s debts to the Banking Assets Resolution Authority (AVAB) will be swapped for equity. Practically you have no idea what you’re buying,” said Dan Rosu, Rompetrol’s spokesman. Rompetrol is trying to get an injunction from the court today so that the privatisation could be suspended until the company and the APAPS settle their dispute. ZF