Energy companies will have to disclose acquisition contracts

Energy companies will have to disclose acquisition contracts, sponsorships

Newsroom 19/08/2014 | 15:16

Energy Minister Razvan Nicolescu issued an order by which state-owned energy companies should make public all the contracts of assets and works acquisitions exceeding EUR 500,000, service acquisition contracts worth over EUR100,000 euro and sponsorships.

The order will have to be applied “in the following period” by the General Direction for Privatisation and Energy Asset Management.

Companies will be required to establish development strategies viable for at least the next ten years.

“We think it is necessary to increase transparency for the public acquisition system and the sponsorship system for state companies in the energy field”, according to Razvan Nicolescu.

The Energy Department is a major shareholder for companies such as Romgaz, Nuclearelectrica, Electrica and Hidroelectrica.