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Romanian State-Owned Cos To Donate Unused Funds To State Budget

Romanian state-owned energy companies Electrica and Romgaz will donate 400 million lei (EUR1=RON4.2404) each to the state budget, while the Lottery will donate RON74 million, according to the draft of the first budget revision this year obtained by MEDIAFAX.
Romanian State-Owned Cos To Donate Unused Funds To State Budget
Andrei Cîrchelan
12 aug. 2010, 12:39, English

Companies currently subsidized, which posted losses in the past but turn a profit this year, will use the profit to cover previous losses.

Furthermore, according to the document, state-owned companies can donate sums left unused so far, representing resources for self-financing, made from past profits. Other sums that can be donated are those resulting from asset and stake sales, as well as sums from the 35% oil and gas price quota, used by companies for production upgrades.

The document also mentions the companies specifically targeted by its provisions, as well as the maximum sums to be donated. Thus, power distributor Electrica will donate no more than RON400 million, gas producer Romgaz will have a RON400 million donation ceiling as well, while the Romanian Lottery will not be asked to donate more than RON74 million.