Bulgaria Plans to Resell Insolvent Fertiliser Plant Chimco to Private Investor

Bulgaria Plans to Resell Insolvent Fertiliser Plant Chimco to Private Investor

Bulgaria's economy minister said that the state plans to take part in a new tender for insolvent fertiliser plant Chimco, with a view of later selling it to a private investor, news website 3e-news reported.

An investor has showed interest in Chimco but wishes to acquire the plant from the state, Dragomir Stoynev said, as quoted by the news website.

He did not name the potential investor.

Chimco's assets attracted no bidders in a tender in March where they were offered for sale at a starting price of 28.5 million levs ($20 million/14.6 million euro). Earlier this year, the economy ministry said it planed to acquire the insolvent company in an attempt to revive its production.

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.

Chimco is located in northwestern Vratsa.

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