Press Release: State aid: Commission opens in-depth investigation into €49.6 million state guarantee in favour of Romanian chemical producer Oltchim

The European Commission has launched a formal investigation under EC Treaty state aid rules into a guarantee worth €49.6 million granted by Romania in favour of Oltchim, one of Romania's largest chemical companies. The Commission has doubts whether the state guarantee, to be issued under an existing aid scheme approved by the Commission on 5 June 2009, is in line with its Temporary Framework for state aid to the economy during the crisis, as amended on 25 February 2009. In particular, the Commission needs to verify whether Oltchim was already in difficulties before the current financial and economic crisis (in which case it would not qualify for Temporary Framework aid). The opening of the in-depth inquiry gives interested third parties an opportunity to comment on the measure. It does not prejudge the outcome of the procedure.