Romanian Mining Co CNH Petrosani To Receive RON136M Subsidy - PM

Romanian coal mining company CNH Petrosani will receive a subsidy of 136 million lei (EUR32 million) to continue its activity, Prime Minister Emil Boc announced Tuesday.

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The money will be allotted after the budget revision this month, once the European Commission gives its approval, said Boc.

CNH Petrosani is undergoing a restructuring process, through which 900 employees will be laid off, starting in September, receiving severance pay.

CNH, owned entirely by the state, has around 8,800 employees and operates the mines at Lonea, Petrila, Livezeni, Vulcan, Paroseni, Lupeni and Uricani. The company's debts to the state budgets climbed 10% last year, to RON4.13 billion.

(EUR1=RON4.2356)

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