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Upetrom 1 Mai Co Faces Unskilled Young Workforce Issue – Romania’s Pres

Romanian president Traian Basescu said Friday, after visiting the factory, that the country’s oilfield equipment manufacturer Upetrom 1 Mai Ploiesti faces the problem of “very low skilled” young workforce.
Upetrom 1 Mai Co Faces Unskilled Young Workforce Issue - Romania's Pres
21 nov. 2008, 14:55, English

He said the problem proves the national education system equally lacks performances in this industry field, and envisages a support policy for the large companies not to make layoffs in the upcoming period.

"I believe the new Government will focus on the layoff prevention with effective support. I want to have a very clear image of the entire economy to draw conclusions and have a topic of discussion with the new Government, before its investiture," Basescu said.

He also said the expected effects of the financial crisis burden all large producers in Romania on possible incoherencies of the foreign market and on lending difficulties.

"The banking system, though solid, reached a lending deadlock. We must find solutions to animate the banking system to resume lending," Basescu said.

Asked about the possible layoffs which come as an effect of the international crisis, Basescu said that all the companies he has visited recently try to keep their employees.

Upetrom Group’s spokesperson Radu Petrescu said the group does not currently envisage layoffs, given the fact Upetrom is an oilfield equipments manufacturer and 80% of its production goes to export to over 80 countries from several continents.

Basescu Friday visited Upetrom in the southern town of Ploiesti, to talk with the its representatives on the plant status given the current international financial turmoil.

Basescu equally visited this week automakers Dacia and Ford, chemical plant Oltchim, ArcelorMittal and shipyards Damen and Daewoo.

Early-September, Ploiesti-based Upetrom 1 Mai, part of the Upetrom group owned by local businessman Gabriel Comanescu, announced its intention to borrow EUR40 million to refinance the production process and to open a new unit in the Russian Federation.

Upetrom already owns some units in several countries, as Kazakhstan or Ukraine.

Upetrom Grup Management is majority owned by businessman Gabriel Comanescu, with a 99% stake. Comanescu is also the company’s president.