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March 25, 2023

Gov’t moves to consolidate holdings in companies in which Energy Ministry is a shareholder

The Ministry of Energy, Small and Medium-Sized Enterprises and the Business Environment will be allowed to set up government-run companies and to contribute to the share capital of already existing or newly created companies, as well as to share capital augmentation of the companies in which it is a shareholder, in compliance with the companies and completion laws.
The decision passed Wednesday under an emergency ordinance concerning the consolidation of the Romanian Government’s shareholdings in business operators in which the Energy Ministry is a shareholder.
‘The Government passed this piece of legislation because actions allowing the establishment of an investment fund as a share company to invest in energy projects in Romania is urgently needed,’ the Government reports in a press statement.
The statement also says that he transaction agreed under a memorandum of understanding between the Romanian Government and The Rompetrol Grup N.V., the Energy Ministry is mandated to appoint a start-up fully government-owned to get involved as a representative of the Romanian Government.
The legislative change is said to be needed because the current legal framework does not allow the Romanian Government to start up companies and there is a risk of it becoming liable for breaches of obligations.
The provisions in the emergency ordinance are also said to be needed in order to express the government’s option about contributions to the augmentation of the share capital of companies in which the government-owned shares are managed by the Ministry of Energy, Small and Medium-Sized Enterprises and the Business Environment.

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