Romanian Econ Min Mulls Replacing GMs Of Cos In Its Portfolio – Sources

One of the general managers to be replaced is Teodor Chirica, head of nuclear energy company Nuclearelectrica, according to the quoted sources.

Chirica stated he was not officially informed on the replacement yet.

Nuclearelectrica, alongside six foreign companies, namely ArcelorMittal’s (MT) Romanian unit, CEZ AS (BAACEZ.PR) of the Czech Republic, Belgium’s Electrabel, Italy’s Enel SpA (ENEL.MI), Spain’s Iberdola SA (IBDRY) and Germany’s RWE AG (RWE.XE), formed a joint venture to build two nuclear reactors at the country’s sole nuclear power station Cernavoda, estimated to exceed EUR4 billion.

EC should decide whether the intention of Romanian authorities to support Nuclearelectrica’s participation in the joint venture with public funds is in accordance with state aid rules.

Thus, the future Nuclearelectrica general manager should be carefully selected, and “known in Brussels”, the sources said.

The Economy Ministry will also evaluate the activity of all companies in its portfolio, especially those operating in the nuclear sector, to decide on their management.

Videanu could not be contacted for statements.

In the last weeks, the minster replaced the general managers of lignite company SNLO, thermal power producers Turceni, Rovinari and Craiova, gas producer Romgaz Medias and power grid operator Transelectrica.