Borotea, CEZ: The state may own anywhere between 20-51% of EnergoNuclear

He added that the EnergoNuclear minimum share package that may be owned by the state, in case it decides to reduce its current participation, while retaining the highest number of shares, is 20 percent, of the amount originally negotiated. “Nothing is now known of the specific intentions of the state, and until such time as the issue is dealt with officially, a government ordinance is adopted, and we are invited to participate in negotiations, it is too soon to know what will happen,” said Borotea. He added that the repositioning of the state, a shareholder of the joint venture through the state-owned Nuclearelectrica company, would not lead to any delay in the project, as this will take place in parallel with activities launched by EnergoNuclear to begin work on reactors 3 and 4. “The project development company has been established, and we have 18 months at our disposal to make a final decision on investments, while some can actually withdraw,” added the CEZ official.

Last week, Adriean Videanu, Minister of Economy, declared that “it is not important” for the state to be majority shareholder of the project for the construction of reactors 3 and 4 at Cernavoda, adding that the state is willing to diminish its 51 percent share package. However, he said that no private investor will own a share package greater than that of the state.

Analyst Jean Constantinescu declared for Business Standard that it is possible that the previously negotiated shareholder structure could be reconsidered, once Nuclearelectrica has 20 percent of the company, in order “to prevent things from becoming more complicated.” He added that the increase in the state’s participation was “a more than flagrant mistake.” “When countries fight each other for new investors, we push them away and put infrastructure money into factories,” added Constantinescu.