Romanian state-owned energy producer Complexul Energetic Oltenia will lay off about 5,000 employees by 2020 through voluntary leaves or retirement, according to sources from the Energy Ministry, cited by local Agerpres.

The layoffs are part of the plan to streamline the company’s activity. About 2,000 employees will leave this year.

The producer currently has 15,168 employees. About 1,000 people can retire until end of 2019, said the company’s spokesperson Elena Zamfir.

The company posted total debts of EUR 375 million in the last two years, and a profit of EUR 32 million in the first quarter of this year.

editor@romania-insider.com