The administrators of Oltenia Energy Complex (CEO) missed once again the deadline to submit a full report regarding the substantiating of a restructuring plan of the state energy unit, indicates a statement issued by the Ministry of Energy, the major shareholder of the company. While the managers of CEO delay the completion of the document requested by the ministry, a strategy to maintain and even develop the company cannot be built, explained Corina Popescu, State Secretary for Energy, coordinator of electricity and mining portfolios.
“Oltenia Energy Complex is the victim of a long string of management errors coupled with interferences in the decision making and personal ambitions, plus the lack of an assumption of the restructuring plans needed for a long time. I noted that the former leadership brought the company to the edge through the ways they understood how to manage the activity, but this does not excuse in any way the current leadership. Last week, after it failed to submit the required recovery plans of the company, I asked the leadership of CEO to return to the ministry with the completed documentation. This time they also came with materials from which important information for decision making are missing, such as the cost per ton of coal produced. Even if I can understand the objective factors involved when trying to fix what others have ruined in years, I do not support indecisions and the lack of claiming responsibility in the management act”, said Corina Popescu.
She warned the leadership of CEO that Thursday, April 28th, is the last term until they are expected to complete the plans on which they are to base the decisions regarding the company’s future.
“This is a final warning we give to the leadership of Oltenia Energy Complex and we will wait until Thursday, April 28th, for the complete plans on which they base the decisions regarding the company’s future. CEO is a company that has the potential to quickly recover financially, it has the necessary tools, all that remains is that those who are leading the complex, to also assume the labor required. We are not dealing with a company that moves toward insolvency, on the contrary, so we ask those from the leadership to prove that they deserve to lead the company or to step aside”, added the State Secretary.
“CEO is a solid company, a company that has a future, but it seems afraid to make the necessary effort for the natural economic evolution. And this fear is reflected in the public discussions about imaginary insolvencies, mine closures in Oltenia or other unsubstantiated speculations. It is also reflected in the managerial paralysis which causes that, today, we still do not have an agreed comprehensive plan at company level for streamlining”, added Victor Grigorescu, Minister of Energy.