“Unfortunately, the collaboration project with the Chinese company has been hindered, due to the problem of guaranteeing the stocks which belong to CE Oltenia, following its in-kind contribution to this investment. According to the by-law, the shareholders must approve the guarantees,” CE Oltenia said at the request of MEDIAFAX.
In October 2014, representatives of CE Oltenia and China Huadian Engineering signed an agreement for the setting up of a joint venture for the construction of a new 500-MW thermoelectric plant at Rovinari. Investments are envisaged at around $1 billion.
The agreement for the setting up of a Romanian-Chinese IPP (Independent Power Producer)-type joint venture was signed by CE Oltenia president, Laurentiu Dan Ciurel, and China Huadian Engineering president, Yang Yong. Yong said at the time that the company he runs will be the main entrepreneur and investor and the plan is to carry through a high-quality project.
CE Oltenia was set up in 2012 following the merger of mining company Societatea Nationala a Lignitului Oltenia and thermal power producers Turceni, Craiova and Rovinari.
China Huadian Engineering is owned by the Chinese government and mainly active in heavy machinery production, water treatment and environment protection technologies, unconventional energy, power plant construction, high-tech research and development. Its parent group, China Huadian Corporation, has operations in energy production from primary sources, heating systems and other technology services for the energy sector.