Bogdan Tudorache

Chimcomplex Borzești, a company controlled by businessman Ștefan Vuza, reported losses of about 27 million lei in the first half of this year (H1), according to the financial report of the company consulted by energynomics.ro. During the similar period of last year, the company had reported a profit of 576 thousand lei, following a gross operating result of 60 million lei, but in H1 2020 the value of operating results decreased by about 60%.

Net sales were 524 million lei, 25% lower than in H1 2019, due to the decrease in sales of finished products.

“The decrease in operating income was mainly due to the decrease in sales prices for chlorosodium products, caused by the decrease in international quotations, and in the context of COVID 19 the market demand for all products decreased, especially polyols, many orders being canceled due to of the spread of the pandemic,” company officials claim.

Chimcomplex Borzești shares are 87% owned by CRC Alchemy Holding, while 9% belong to the Romanian state.

In December 2018, Chimcomplex purchased six Oltchim asset packages, namely the Chlorosodium Package, the Oxy-Alcohol Package, the Polyols Package, the Field Services Package, the Wagons Package and partly the VCM/PVC I Package for a price of 127 million euros plus VAT.

More than 1,000 Oltchim employees have agreed to enter into individual employment contracts with Chimcomplex.