Romania sells chemical plant under IMF deal

BUCHAREST, Sept 21 (Reuters) - Romania sold its majority stake in indebted chemical plant Oltchim on Friday to media tycoon Dan Diaconescu, beginning to deliver on its commitment to speed up a revenue-boosting scheme agreed with the IMF, it said on Friday.

The southeast Europe state must work on reining in local administration arrears, raise gas tariffs and launch tenders to list a minority stake in gas pipeline Transgaz and the sale of Oltchim by the end of the month.

The government's OPSPI privatisation agency said it sold its 54.8 percent stake in Oltchim for 203 million lei ($58.4 million), after Diaconescu outbid offers made by German chemical group PCC SE, as well as local firms Aisa and Chimcomplex Borzesti.

The leftist government has met its budget deficit target for the first half as part of its IMF-backed aid deal, but it has lagged in other areas, like absorbing the European Union's development funds and privatising minority stakes in a slew of transport and energy firms.

Diaconescu, whose new party advocates steep tax cuts, has emerged as the country's third political force since last year, after the ruling Social Democrats and the opposition Democrat-Liberals, with 14 percent support in opinion polls.

Romania holds parliament election in December. ($1 = 3.4756 lei) (Reporting by Radu Marinas; Editing by David Holmes)