Romanian Energy Ministry wants additional dividends from oil transporter

dividends

Romania’s Energy Ministry has asked the state-owned oil transporter Conpet to immediately convene the General Shareholders Meeting and pay RON 85 million (EUR 18.4 million) as dividends.

This happened only a few days after the Energy Ministry asked the state-owned gas producer Romgaz to distribute RON 750 million (EUR 163.1 million) worth of special dividends.

Conpet is listed on the Bucharest Stock Exchange and has a market value of over EUR 180 million.

The Ministry of Energy’s approach reflects the Government’s “hunger for money”, according to Profit.ro. After increasing salaries in the public sector, the Government is now trying to find money to cover the deficits.

At the beginning of the year, the Government asked state-owned companies to allocate at least 90% of their 2016 net profit as dividends.

[email protected]

Romania Insider
Free Newsletters

Be up to speed with what’s happening in Romania! Choose from our 7 newsletters, covering the entire array of business, social, politics, and entertainment news

Subscribe now