The new company will be made up of energy producers Complexul Energetic Turceni, Complexul Energetic Rovinari, Complexul Energetic Craiova and mining company SNL Oltenia Targu-Jiu. All the companies that will make up the Oltenia complex are controlled by the state, through the Economy Ministry.
The merging companies are running investments worth around EUR1 billion, of which half are to meet European environment requirements and EUR300 million are for mining activities.
CE Turceni, in Gorj county, will become the headquarters of the new company.
CE Oltenia will have a share capital of 1.265 billion lei (EUR287 million), and the state will control 77.17% of its stock, through the Economy Ministry. Fondul Proprietatea will control 21.54%, the bankrupt company for the closing and conservation of mines SCI-CM will hold 0.44%, and power producer Termoelectrica will have 0.85%, according to the report.
A press release published in March by the Economy Ministry said the creation of CE Oltenia will contribute to the consolidation of Romania’s energy security and the development of new energy production capacities that use lignite. The new company’s creation was approved in February by the competition watchdog.
The Government also plans to create a new company, Complexul Energetic Hunedoara, by merging thermal power plants Paroseni and Mintia, plus the viable mines operated by coal company CNH.
The two new energy companies would be privatized by the end of the year, according to the calendar agreed upon with the International Monetary Fund. (EUR1=RON4.4078)