CNEEC – financing agreements, no money in

China National Electric Engineering Co., Ltd. (CNEEC) is a Chinese state-owned engineering company. CNEEC provides consulting, financing, engineering, procurement, construction, operation, maintenance and rehabilitation services and mainly deals with contracting, complete equipment supply, engineering consulting, engineering design, project management and supervision, installation and commissioning, technical service, maintenance and operation of power plants and personal training in the fields of thermal energy, hydropower, energy transmission and transformation, clean energy, integrated energy solution, environmental protection, mining, transportation, plant construction and other industrial projects. It also participates in international import and export activities in various areas.

CNEEC had two attempts to enter the Romanian market, both failed. The first was in 2014 and involved the rehabilitation of the Mintia energy project (Hunedoara County).

The Mintia thermal power plant is a highly polluting communist era giant. Source: newmoney.ro

The $ 300 million project did not materialize, the contract being cancelled because the environmental permit was not obtained. In addition to the failure to obtain the necessary approvals, the equipment that should have been purchased was obsolete. The memorandum of understanding included some obligations for both the Romanian and the Chinese parties, that were not observed by either party. On the other hand, there was an opposition from the European Commission. So this project was abandoned.

The second attempt was last year when the Romanian Association for Smart City and Mobility (ARSCM) signed a financing agreement with the Chinese giant for smart city projects. The agreement involves a € 500 million funding, but so far no one has seen a penny.

 

Read more about the Chinese companies in:

Ukraine

Moldova

Bulgaria