Romania’s Ministry of Economy will not privatize any company this year

Newsroom 18/04/2016 | 11:16

The Ministry of Economy, which has in its portfolio state-owned firms in the mining, weapons, energy, industry and tourism sector, doesn’t plan to privatize any companies this year, according to Sorana Baciu, secretary of state at the Ministry of Economy.

„This year we are not starting any privatizations. First of all, we want to have professional and strong management in the state-owned companies. We have to increase the efficiency of these companies. Their management is down, and this has been the problem in the last 25 years,” said Baciu in an interview for wall-street.ro.

This year, the Ministry of Economy is looking to appoint private managers at Salrom, Cupru Min, Societatea Natioanla Apele Minerale and Plafar.

The government has set aside EUR 4.2 million to recruit professional managers in 16 companies. For each company, the average recruitment cost amounts to around EUR 120,000.

One of the company’s in the portfolio of the Ministry of Economy is petrochemical plant Oltchim, which is currently in insolvency.

Gas transport network operator Transgaz and grid operator Transelectrica are also under the coordination of the government. These two companies are listed on the Bucharest Stock Exchange.

The minister of Economy is Costin Borc, who has previously worked as an executive for multinational firms.

Ovidiu Posirca

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