“The preparations are on track, except for one issue related to the broker’s request to assess the coal reserves,” Ciurel told an energy summit organized by Ziarul Financiar.
He said some of CE Oltenia’s coal reserves are confidential and the evaluation process could take longer than initially estimated.
Under a EUR2 billion loan agreement with the International Monetary Fund, Romania has pledged to sell 15% in CE Oltenia by the end of June 2014. The government hired a consortium comprising lender BRD Societe Generale (BRD.RO) and Swiss Capital to assist with the sale.
The country also hoped to list 15% in hydropower generator Hidroelectrica by the same deadline, but the operation could be postponed after the latter was ordered by court to resume a reorganization process.
CE Oltenia holding was found in 2012 following the merger of mining company Societatea Nationala a Lignitului Oltenia and thermal power producers Turceni, Craiova and Rovinari.
The company runs 13 units with an aggregate capacity of 3,900 megawatts.
Romania’s Energy Department owns 77% in CE Oltenia, while investment fund Fondul Proprietatea (FP.RO) holds a 21.5% stake.