Voiculescu interested in energy privatisation

Privatisation of the first two electricity distribution companies Electrica Banat and Dobrogea, the test of the Romanian energy industry reform, is interesting not only for the foreign capital.
Dan Voiculescu, through his Grivco Group, is the only Romanian businessman interested in the energy privatisation for the time being.
“Grivco is interested in the privatisation of the electricity and natural gases distribution companies because these are some of the most profitable businesses,” Aurel Leca, general manager of Grivco Energy, part of the Grivco Group, told Ziarul Financiar.
Aurel Leca was once general manager of Conel. Conel was split into several companies in view of restructuring and privatisation.
Grivco Group deals in trade, media, air transport, industry, agriculture and in the financial-banking sector. It posted $158.9 million turnover in 2001 (the latest available data), as well as $5.9 million in net profit.
The press has already reported Dan Voiculescu is also interested to participate in the privatisation of SNP Petrom, the largest company on the Romanian market.
Voiculescu had previously attempted to buy Petrom in 1999, when he teamed up with Ovidiu Vantu  and Gelu Tofan. Grivco has now submitted a letter of intent for Electrica Banat together with Swiss-Swedish company ABB.
ABB had been looking for partners for a consortium ever since last year, because it was not a specialised distribution operator.
Grivco Energy is licensed to supply energy on the free electricity market in Romania.
“We have a longer-term deal with ABB. We have joint projects for the Banat area, which do not target electricity distribution only, but also producing energy by cogeneration in Timisoara,” Leca explained. He added the investment in the cogeneration project could amount to 50-100 million euros.
Leca said Grivco and ABB had requested a one-month extension of the deadline for submitting letters of intent for Electrica Banat, in order to attract a bank and an international energy group in the consortium, but got no answer from the Industry and Resources Ministry, Electrica’s owner.