OREANDA-NEWS. December 26, 2013. Chinese consortium composed of Baota Junlun Petroleum Petrochemical Group and is going to a credit agreement providing 20 million Oltchim , the daily Bursa. The loan comes consortium stated intention to support the Forum of China- Central and Eastern Europe to take Oltchim. Receivers of the insolvent plant said they want to see conditions attached to the loan promised to increase production .

Regarding finding investors for Oltchim , the two companies managing Oltchim insolvent RomInsolv and BDO will receive binding bids of those interested in Oltchim SPV until 31 January 2014. Oltchim SPV is a special purpose vehicle created by the Romanian investments that are for sale Oltchim viable assets , but without the pressure of debt contemporary society , amounting to nearly 800 million.

Oltchim SPV evaluation assets were just over 305 million euros. From press the Ministry of Economy , the majority shareholder of the plant from forthe find that the selection of race winner Oltchim SPV assets will be held on February 3, 2014 . Consortium of China will compete , apparently , with a consortium consisting of CCP significant minority shareholder in Oltchim and Israeli investment fund Fortissimo Capital, a consortium created Chimcomplex Borzesti and SIFs, and perhaps with a firm Russia, Oil Gas Trade .

Oltchim is insolvent in January 2013. The company has reduced its losses by 44 % in the first nine months of these tui ¬ year at 172.74 million lei , from about 308.51 million lei , as they were in the same period of 2012 . The company's revenue reached 400.23 million lei, 44.55 % lower than at the end of September of the previous year , according to the Stock Exchange on the information provided by the receivers of the plant .