Minister of Economy Constantin Nita announced on Saturday that procedures to set up a joint venture comprising of Oltenia Energy Complex and Chinese company Huadian would be initiated within six weeks. The EUR 1 bn projected investments in the Rovinari thermal power plant are aimed at creating a new energy group at Rovinari with a capacity of 600 MW, which will in turn result in around 400 new jobs. Negotiations with the Chinese started several years ago, Mediafax Informs. According to the minister, the thermal power plant in Rovinari, which is part of Oltenia Energy Complex, will receive a total of EUR 30 million this year to move forward with modernization work. The thermal power plant in Turceni has also been granted EUR 200 million by EBRD for the same purpose. The modernization process will be implemented in view of Oltenia Energy Complex’s need to cut costs and get in line with the market energy selling price. The company is scheduled to sell 15 percent of its shares on the stock exchange in order to increase the capital necessary for target investments, Minister Nita stated further. At present, Oltenia Energy Complex has approx. 19,000 employees and owns thermal power plants in Braila, Craiova, Rovinari, and Turceni, and several lignite mines in Oltenia.