Romanian State-owned Energy companies to approve investment strategies by 15th of June

, SEE Energy News

State-owned energy companies have to approve their investment strategies, with clear deadlines and financing sources, by 15 June, Virgil Popescu Romanian Minister of Economy and Energy said.

Last month, Minister Popescu announced that all energy companies under the authority of the Ministry will have to draft and approve an investment plan for the next five years. The purpose of this move is to use the financial resources these companies have accumulated for stimulating the economic activity. Minister Popescu stressed that the management of the companies who fail to have the investment strategies drafted or passed will be replaced. He further explained that some of the state-owned energy companies have very high profits, but no investment plans. The strategies will have to outline the new investment projects to be carried out between 1 July 2020 and 1 July 2025, as well as the modernization of the current assets in operation. The strategy of each company will have to include clear deadlines, the estimated cost of each investment, and the financing sources. The acquisition of shares in other companies is not the subject of this strategy nor the purchase of assets already in operation.