Biggest investment in Romania stuck at agreement extension phase

Instead of starting work on the biggest investment project in Romania, worth 4 billion euros, the six investors in reactors 3 and 4 of the Cenravodă nuclear plant are discussing the extension of the agreement signed in 2008, which expires this autumn, so as to clear up the unclarities of the investment almost two years from the start of negotiations.

On September 25, the agreement on the construction of reactors 3 and 4 of the nuclear plant in Cernavodă should expire given that the partnership of the Enel (Italy), CEZ (Czech Republic), RWE Power (Germany), GDF SUEZ (France), ArcelorMittal (Romania) and Iberdola (Spain) with the Romanian state was signed in November 2008.
In these almost two years, the investors expected to know the project data and have the financing methods worked out so that the decision to invest could be made. Normally, this year should have seen work on the project start, so that it could be completed by 2015 or 2016.
The two years, however, turned out to be insufficient for all these details, particularly because the Romanian state changed its mind about the stake it wanted in the project twice. The state indecisiveness costs, considering many fields of business would benefit the impact of such a project. Builders, for instance, which have been severely hurt by the crisis, have repeatedly said the start of extensive projects, such as the two nuclear reactors would be a breath of fresh air to their business.