Romania's Oltchim appoints Mihai Balan new director general - media

Balan will replace Radu Nicolae Olaru, who was appointed acting director general after Constantin Roibu resigned in September, news agency Mediafax (www.mediafax.ro) quoted sources from the economy ministry as saying.

Romania has cancelled the sale of 54.8% of Oltchim owned by the state as the winner in the tender, Romanian journalist and politician Dan Diaconescu, “has never had and doesn’t have the financial capacity and the will to effectively take part in the privatisation of Oltchim”, Prime Minister Victor Ponta told a news conference on Monday.

PCC SE and Cyprus-based Nachbar Services Limited owned 18.3% and 14.03% of Oltchim, respectively, at the end of June, data from the Romanian central depository showed. Smaller shareholders held the balance.