Romania, The privatization process of the Romanian power companies will be continued

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Minority stakes in key state-run energy and natural gas companies will be listed on both the Bucharest Stock Exchange and on international markets, economy minister-designate Daniel Chitoiu said May 7, Mediafax reported.

Under a EUR5bn loan agreement with the IMF and the European Commission, Romania plans to sell stakes of 10% in hydropower generator Hidrolectrica and nuclear power company Nuclearelectrica, as well as 15% in both natural gas transporter Transgaz and gas producer Romgaz.

“The privatization process will continue,” Chitoiu said at the presentation of his objectives as economy minister, adding that all the companies are turning profits and Romania want to list them on international stock exchanges as well.

Chitoiu said Romania’s newly named government will continue the process initiated by the former executive to appoint private managers at large state-owned enterprises.

Hidroelectrica, Transgaz, Electrica, Oltchim and the newly established energy companies in Oltenia should all have independent managers by September, he said.