The Government approved a memorandum granting to the Oltenia Energy Complex (CEO) a state aid for restructuring worth 1.326 billion euro in the period 2021-2025, said the Minister of Economy, Virgil Popescu, in the press briefing.

“We have approved in the Government the memorandum by which we commit that, in the period 2021-2025, the Government will make available from the state budget the state aid scheme for the restructuring of the CEO, amounting to 1.326 billion euro,” the minister said, according to Agerpres.

The CEO has already drawn up the restructuring plan and pre-notified it in Brussels, he recalled.

“With this memorandum, the Government has pledged to support the CEO financially and it is a very clear message to the CEO employees that we will not let them down, that the Government does what it promises and practically the memorandum paves the way to the Commission of our notification, guaranteeing to the European Commission that the Government will ensure this amount from the state budget as restructuring aid,” Popescu specified.

The European Commission has invited the Oltenia Energy Complex to launch the notification procedure, the final stage of the process of approving the restructuring and decarbonisation plan, a document sent to Brussels on August 31, 2020, according to a statement from the energy producer.