Energy sector reassessment benefits consultancies

The companies in the 2003 privatisation agenda of the Office for State’s Interests and Industrial Privatisation (OPSPI) will proceed to revaluating their tangibles, OPSPI head Doru Laurian Badulescu said. This year’s privatisation agenda was about to be endorsed, the OPSPI officials added. The reassessment operations required for the companies in OPSPI’s portfolio are a huge business for auditors and consultancies, especially where PricewaterhouseCoopers, KPMG, Ernst & Young or Deloitte & Touche are concerned, sources on the energy market say. The energy companies have hundreds of millions of dollars in assets, so that the cost of the reassessment services may go up to hundreds of thousands of dollars, which is good money for the audit and consulting firms. “The reappraisal of the tangibles will be done under the Public Finance Minister’s Order 1784/2002, in view of applying the specifications to certain measures regarding the conclusion of the 2002 fiscal year for corporations, which are bound to file annual financial reports,” the OPSPI officials explained. ZF