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Reports: European Commission rejects government aid scheme for Oltchim

4:13 AM MDT | April 10, 2013 | Francinia Protti-Alvarez

The European Commission has rejected a request by the Romanian government to supply debt-burdened petrochemical manufacturer Oltchim (Râmnicu Vâlcea, Romania) with €20 million ($26 million) in state aid, Romanian media sources report. The €20 million were in addition to a €25-million senior loan that the government was expected to provide to Oltchim, as previously reported by CW. Oltchim required the combined €45 million to relaunch production at 65% of capacity. Following the commission's refusal, and in the absence of offers to...

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