Thermal electricity producer Complexul Energetic Oltenia SA is paying some EUR 812,000 to a company called Signovince Targu-Jiu for security services.

The two firms signed the deal in January this year, reports local Economica.net.

Complexul Energetic Oltenia posted last year a EUR 10 million operating profit, but the net result will be negative, due to provisions. The company finances its activity entirely from its funds.

In February, the International Monetary Fund, the World Bank and the European Commission asked the Government to massively and radically restructure Romania’s two largest thermal electricity producers, Complexul Energetic Oltenia and Complexul Energetic Hunedoara. The Government initially declined the proposal, but in the end agreed.

editor@romania-insider.com