22 state-owned companies have been included in the government’s pilot analysis

“This is the annual bill that Romanians are footing,” said the deputy prime minister, who described these companies as “black holes for Romania’s economy.”

According to her, the largest contributors to the budget deficits are CFR Marfă, SNCFR, and Romaero. The official emphasized, however, that state-owned companies cannot be treated uniformly, as some represent critical infrastructure, others strategic industrial platforms, and still others are commercial entities or residual vehicles that generate constant losses.

Each company in the pilot portfolio was evaluated, according to Deputy Prime Minister Oana Gheorghiu, across seven dimensions: strategy, governance, business model, and commercial, operational, asset, and financial performance. Financial data was automatically retrieved from the systems of the Ministry of Finance and ANAF to eliminate redundant reporting and ensure a common basis for analysis.

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Following the evaluation, the Government divided the 22 companies into six categories for action.

Elcen, Oil Terminal, and CFR SA were included in the critical infrastructure category, where investments, professionalization, and financial consolidation are proposed.

Minvest, Remin, Avioane Craiova, and Romaero were included in the strategic decision category, for which interministerial decisions and independent audits are required.

CNCIR was classified under “transformation based on the European model,” while CFR Călători, Metrorex, and Tarom were classified under “operational recovery,” with firm measures and possible specialized support from abroad. Other companies were classified for merger and acquisition or for an orderly exit from the portfolio through controlled liquidation.