Bulgaria Plans to Acquire Insolvent Fertiliser Plant Chimco by end-Feb - Econ Min
Friday, 24 January 2014
Bulgaria plans to acquire insolvent fertiliser plant Chimco by the end of February, aiming to revive it as soon as possible, the economy ministry said.
However, the final price remains to be seen, economy minister Dragomir Stoynev said, as quoted by the ministry. He did not elaborate.
Earlier in the day the state-run Bulgarian News Agency quoted Stoynev as saying the state would probably pay around 50 million levs ($35 million/25.6 million euro) for Chimco.
Chimco, which halted operations in 2003, used to be Bulgaria's biggest urea producer with an output capacity of 800,000 tonnes annually, accounting for approximately 3.5% of global production. The plant produced ammonia, carbon dioxide, argon and various types of catalysts, as well. It was declared bankrupt in 2004.