Second resignation in Petrom's privatisation process

The man managing the files of the most important oil, natural gases and energy privatisations in Romania, Doru Laurian Badulescu, has quit his position as head of the Office for State’s Interests and Industrial Privatisation (OPSPI), choosing his PSD (Social Democrat Party) Senator of Ilfov position instead, effective July 1.

Badulescu had to choose one of the two positions as stipulated in the Anti-corruption Law. He had said until recently his position with the Office was not incompatible with his seat in Parliament, though.

Badulescu was also a member of the Privatisation Board of Petrom, a company whose privatisation is now at a turning point, i.e. the strategy endorsement. This is the second resignation of a high-ranking official involved in Petrom’s privatisation, after Ioan Popa quit his general manager position.

While heading the OPSPI, Badulescu’s portfolio included the hard nut to crack of the economy: more than three quarters of the state’s wealth concentrated in key unrestructured sectors. The share capital of the oil, natural gas, mining, and defence companies or of any other company in the Office’s “yard” alone amounts to about 5 billion euros. So what is going on behind this surprise resignation?

“That’s the way life is. I opted for the term I had been chosen for and not for that I had been appointed for. As a politician, I have a lot of work to do in the Ilfov County. My resignation became effective on July 1, as endorsed by the Economy and Trade minister. The OPSPI director position is now filled by Constantin Nedelcu, which ensures the continuity of the negotiations and of running the privatisations already started without any problems,” Doru Laurian Badulescu told Ziarul Financiar in his new position as PSD Senator of Ilfov. This is the official reason given by the former OPSPI head.

Still, something did happen about two months ago during a press conference held at the Petrobrazi Refinery by Dan Ioan Popescu, back then Industry and Resources minister and now Economy and Trade minister, which seems related to Badulescu’s resignation.

Popescu at that time said the disbandment of OPSPI had been brought up a little while before, on the grounds that the Office representatives were talking about the sale and not about the privatisation of the energy companies.

“Privatising is not one and the same thing as selling, because we are looking to develop the company after privatisation and attract capital so that it can expand and become more powerful,” Popescu explained.

What does Badulescu have to say about the alleged differences with his boss?

“There were no such differences. I have been working very well with him and he told me we will be working together, again,” Badulescu said.

The most important privatisation file is SNP Petrom’s, which is now close to having the privatisation strategy approved and the privatisation announcement published. This was supposed to be done by June 30, but the Romanian officials said an about two-week postponement was in order, as agreed with the international bodies, due to the restructuring of the Government and of its ministries. adrian.mirsanu@zf.ro