Romanian Electroputere Craiova privatization sealed

The privatization contract of Electroputere Craiova with Saudi company Al Arrab Contracting was signed by the head of the Authority for State Assets Recovery, Teodor Atanasiu, and the President of the Saudi company, Said Bahjad Said on Tuesday.

The total value of the transaction amounts to over 120 million euro. The Saudi company will transfer to the Romanian state some 2.34 million euro accounting for a 62.82% stake in Electroputere Craiova.

The Saudi group will also take up all the company debts. Officials quoted by Romanian news ageny NewsIn said that by 2012 the Romanian industrial plant will produce five times the current production.