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Romania’s Transport Min: CFR Marfa Will Be Sold In 2010

Romanian rail freight company CFR Marfa will be privatized in 2010 and other two state-owned railway companies CFR Calatori and CFR SA will be reorganized, Thursday said Transport Minister Radu Berceanu after talks with the IMF mission in Bucharest.
Romania’s Transport Min: CFR Marfa Will Be Sold In 2010
06 aug. 2009, 18:57, English

The representatives of the International Monetary Fund, the World Bank and European Commission were not pleased with the three companies’ financial results showing that their revenues are lower than the expenses, the minister added.

"The sale of CFR Marfa might bring billions of euros," Berceanu said.

In a news conference after the discussions with the international institutions, Berceanu said that both he and the international institutions are unsatisfied with the railway companies’ activity.

According to him, passenger railway company CFR Calatori needs "to refocus the activity" in order to increase its revenues, alongside with a higher subsidy.

"Last year’s subsidy was of 1.3 billion lei (EUR1=RON4.2098), and this year’s subsidy is of around RON600 million," Berceanu added.

In February, Berceanu said the privatization CFR Marfa is no longer suitable, as the firm switched to losses, the Transport Ministry’s top priority being to restore the company’s financial health.

Initially, the authorities announced CFR Marfa will be privatized in 2009.