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Representatives of Oltenia Energy Complex (CEO) told energynomics.ro that talks with the International Monetary Fund (IMF) focused on closing non- performing units, the listing of CEO and management changes. Closure of non-performing units is due to take place under a new restructuring plan, which, however, remains undisclosed.
“The IMF representatives expressed their opinion on the need for closing the non-performing capabilities… Talks with IMF discussed the following topics: the restructuring plan, the IPO and its blocking elements and the selection of Board members,” said CEO officials.
So far, however, the energynomics.ro question about the effects of the closure of some of CEO`s units and which are those units remains unanswered
“The IMF representatives expressed their opinion on the necessity of closing the non/performing capacities. The effects of closing underperforming capacities, in terms of operational costs and jobs, will be measured by the reorganizing plan”, said the CEO representatives.
Meanwhile, CEO officials say that the Berbeşti mine transfer from the complex to CET Govora would have been blocked without any reason by the minority shareholder, Fondul Proprietatea (FP).
On the other hand, FP says that Berbeşti mine transfer would take place in unacceptable conditions for the complex, but the transfer can be made by majority vote, not unanimously, and rejects accusations made by CEO.
“Fondul Proprietatea did not justify this disagreement to date. In general, FP representatives criticize actions of company management”, CEO official told energynomics.ro.
IMF and the government do not have an agreement
The Government, IMF and the European Commission (EC) have not reached an agreement in the current assessment mission, the two international institutions requiring massive restructuring of CEO and CEH, announced Prime Minister Victor Ponta.
IMF, World Bank and the EC asked a “massive and radical” restructuring, but the Government is of the opinion that such restructuring would not save the coal-fired energy industry and jobs, au contraire, would significantly reduce importance of this sector in a few years in Romania, leading it to a “downward slope”, writes Mediafax.
“We hope to get along, but in the interest of Romania. We agree with efficiency measures, but we will not accept measures leading to the loss of this vital sector for our energy security and socio-economic development of some regions, Hunedoara, Gorj in particular, and everything relate”, said Victor Ponta.
The prime minister said that political consensus is needed, so is a better management, and unions should not push for wage increases in the current financial situations, also notes the mentioned news agency.
“Anyway, our agreement with the IMF stops in September. It is important that, in September, to see exactly how much we accomplished from what we proposed. In April and then in June, when will be the last visit, we will draw a line and see how many things were done. Most of them we have achieved. For us to sign a letter today, we should have […] put Hundoara and Oltenia in a restructuring process, to put it politely. We do not think that’s good for Romania to do this, which is why I did not signed the letter, but the agreement is in force. I hope, as in the past, to prove that we were right”, said Ponta.
