Cristina Chiriac, the vice-president of the AVAS, granted us an interview in which she commented on the implications of the decision of the European Commission to approve the conversion into stock of the debt of Oltchim towards the AVAS. The decision was rendered on March 7th, after an investigation process of more than four years.
* The pre-emption right of the minority shareholders will be honored
Reporter: How would you comment on the decision of the European Commission to approve the conversion of the debt of "Oltchim" towards the AVAS into stock?
Cristina Chiriac: "Oltchim" has a strategic and important role in the Romanian industry and economy. On the domestic market, the company is the largest maker of chlorosodic products and chlorinated solvents and sole manufacturer of PVC, polyols-polyethers, oxo-alcohols and several other products essential for the Romanian economy, and also does design for the chemical industry.
The Romanian state has taken and will continue to take the necessary measures to increase the company's competitiveness, as we feel that this will allow us to support the economic interests of the area and of the nation's entire economy, and we can also protect society's interests when it comes to making job creation and the improvement of the quality of life of the people who live in the area.
For a better comprehension, I do feel that we need to delve into the history of this company.
Thus, we find that ever since its creation, in 1990, and until 2003, the company belonged to the State Property Fund (FPS), which later became the APAPS (2004). Between 2004 and 2006, it was comprised in the portfolio of the Office For The State's Interests and Industrial Privatization (OPSPI), and in January 2007 it returned to the AVAS, after the management of the office reverted to the AVAS. The Romanian state is cur
