The Government approved through an Emergency Ordinance, “the measures to strengthen the position of shareholder of the state in economic operators, in which the Ministry of Energy, Small and Medium Enterprises and Business acts as a public institution involved,” it said in a statement .
According to the law, behalf of the State, the Ministry of Energy, Small and Medium Enterprises and Business Environment will establish companies with state capital and will participate in the capital of existing companies or new companies or to increase the capital of the companies in which it is shareholder, respecting the legal framework for corporate and competition, according to Bursa.
The decision regarding the establishment of companies, the participation in capital of existing companies or new companies or the increase of the capital of companies in which the Ministry of Energy shall, on behalf of the State, as shareholder, will be based on a financial analysis, technical, legal and opportunity, including in terms of national and Community rules on State aid.
This analysis will be based on the following principles: participation with equal rights in a non-shareholder-owned operators to corporate decisions; transparency and use of public funds effectively; promoting investments in the energy sector and energy resources; fostering a climate of competition between economic operators, regardless of capital structure.
The rights and obligations of the state resulting from the shareholder or partner quality, in these companies constituted shall be exercised by the Ministry of Energy, Small and Medium Enterprises and Business, an institution who’s budget will be used to cover the costs for participation in the company formation, in the capital of some existing or new companies or in the capital increase at the one’s in which the ministry is a shareholder.
The normative act approved by Government given that it is necessary to conduct the emergency steps to allow the establishment of a company with state capital to participate in the formation of an investment fund as a joint stock company which will invest in projects energy field in Romania.
The transaction agreed in the “Memorandum of Understanding” signed between the Romanian state and The Rompetrol Group N.V., the Ministry of Energy has a mandate from the Government to appoint a newly created company, owned by the state, to participate as a representative of the Romanian state. The amendment is necessary because the current legal framework does not allow the establishment of new Romanian state companies. Or, in these circumstances there is a risk of attracting its liability for failure obligations, points out the government.
However, the new regulations contained in the Emergency Ordinance have the need to express an option for the state on the participation in the capital increase of the companies in which the Ministry of Energy, Small and Medium Enterprises and Business manages state holdings.