Govt Plans to Revive Insolvent Fertiliser Plant Chimco
Tuesday, 03 December 2013
Bulgaria plans to revive insolvent fertiliser plant Chimco, the economy ministry said.
A financial plan for reviving the plant in Vratsa, in the northwest of the country, has been prepared, Dragomir Stoynev said, as quoted in a press release of the ministry. He did not elaborate.
Local daily Standart quoted Stoynev as saying that Bulgaria will invest some 50 million levs ($34.6 million/25.6 million euro) in the plant.
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.