The European Commission is currently evaluating the case of the state guarantee for Oltchim, after the decision to launch the investigation was made on November 19th, 2009, as discussed in a study by the EC on the measures taken by the EU member states as a response to the economic and financial crisis.
The Oltchim case is the only one reviewed by the Executive of the European Commission included in the category "Cases currently under official investigation - cases targeted by the temporary framework (an extended investigation according to the rules of the EU treaty on state aids)", press agency Agerpres said.
On November 19th 2009, the European Commission launched an official investigation, based on the guidelines of the EC treaty on state aids, concerning a state guarantee of 49.6 million Euros in favor of Oltchim, one of the largest chemical manufacturers in Romania.
In motivating the decision, the Commission noted that it had doubts on whether the state guarantee, which would be issued as part of an existing aid scheme, approved by the Commission on June 5th, 2009, complied with the dispositions of the Temporary framework for the state aids destined to help economy during the crisis, in its form which was amended on February 25th, 2009. The EC wanted to check whether Oltchim was already in trouble before the current financial and economic crisis (meaning it would have no longer been eligible for the aid received as part of the temporary framework). The opening of an extended investigation will provide concerned third parties the possibility to present observations concerning the measure into effect.
Following the publication of the public announcement of the intention to provide a guarantee to Oltchim on the grounds of the "Temporary framework", the Commission received a complaint questioning the compatibility of the guarantee with the cr
