Investors Express Interest in Bankrupt Bulgarian Fertilizer Plant Chimco – Report

Investors have expressed interest in the bankrupt Vratsa-based fertilizer plant Chimco AD, also known as Himko AD, and plan to announce their intentions after the early elections on October 5 , according to Kiril Petkov, former director of the plant.

Speaking at a round table on the chemical industry organized by the Confederation of Independent Trade Unions in Bulgaria (CITUB), Petkov said that it was "absolutely possible" and "economically viable" to restart a relatively new production capacity launched in 1983 for ammonia and the nitrogen fertilizer urea.

Petkov, as cited by investor.bg., drew attention to an analysis of Professor Yoncho Pelovski from the Bulgarian Chamber of Chemical Industry which indicated that the unit in question had a residual lifespan of 15-20 years.

He noted that Bulgaria was importing urea while the capacity at Himko could produce as much as 170 thousand tonnes of the fertilizer per year.

Petkov claimed that the units of the plant which had been built last were environmentally-friendly and competitive.

"Scrap metal dealers and competitors have expressed interest in the plant, as well as strategic investors that can supply natural gas at a competitive price and have access to appropriate markets and financial resources," he stated.

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