Consultancy contract inked with PwC for privatization of Romania’s Oltchim

Romania’s Ministry of Economy has recently signed a contract with PricewaterhouseCoopers (PwC) for consultancy services in preparation and implementation process of the privatization of Romania’s petrochemical company Oltchim Ramnicu Valcea, as per Oltchim Ramnicu Valcea announced in November 2012 that 1,000 of its 3,400 employees will be temporarily laid off on three quarters pay, due to lack of raw materials and working capital. Oltchim Ramnicu Valcea posted a net loss of EUR 42.7 mln in the first three quarters of the year, a 1% greater loss compared to the same period in 2010. The Romanian state holds 54.8% stake in Oltchim, while PCC owns 17.5% stake.
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