Romanian Economy Ministry Requests Budget Revisions For Almost 50 State Cos
Romania's Economy Ministry has asked the Government to revise the 2011 budgets of almost 50 state-owned companies, to include higher costs, and complained that the Finance Ministry has not approved this request, although the law does not bar changes to these budgets after December 31.
Reasons provided by the Economy Ministry for the need to revise the budgets include higher average wage, resized activity, lower state subsidies, larger staff in certain companies, even warning of “serious economic and social consequences” were the budgets of certain units to not be approved, says an official document obtained by MEDIAFAX.
The list of companies with revised budgets includes Santierul Naval Mangalia, Electrica, Nuclearelectrica, Romarm, Romaero, Termoelectrica, Conpet, SC Baita, Conversmin, the Turceni, Rovinari and Craiova energy complexes, SN Lignitului Oltenia (SNLO), Societatea Nationala a Sarii, Compania Nationala a Uraniului and the branches of OPCOM, Teletrans, Formenerg, Smart, Electrocentrale Galati, Hidroserv Curtea de Arges, Hidroserv Portile de Fier, Hidroserv Ramnicu Valcea, Hidroserv Sebes, Hidroserv Hateg, Hidroserv Cluj, Hidroserv Bistrita, Hidroserv Slatina, Electrica Muntenia Nord, Electrica Distributie Transilvania Nord, Electrica Distributie Transilvania Sud and Electrica Furnizare.
The list also comprises subsidiaries of arms manufacturer Romarm: Tohan Zarnesti, Carfil Brasov, UM Cugir, Fabrica de Arme Cugir, UM Plopeni, Uzina Automecanica Moreni, Metrom Brasov, UM Mija, UM Bucuresti, UPS Dragomiresti, FP Fagaras, Electromecanica Ploiesti, Arsenal Resita, UM Sadu and Pirochim Victoria.
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