Transelectrica sealed a 27.43 million euro contract to retool the Mintia high-pressure with a joint venture made up of Siemens Romania, Siemens AG Austria and Smart Romania, reads a press release remitted by the power company to Bucharest Stock Exchange.

The agreement signed by the three participants will be fully funded by Transelectrica. The construction works are scheduled to complete within 36 months.

By modernizing and retooling the Mintia 220/110 Kv power supply plant with cutting edge installations, the facility will lineup to the appropriate level of importance of the area, eliminating the risk of major events and minimizing the annual maintenance and operating expenses.

The power transportation company posted after-tax profit of 39.3 million lei last year (10.6 million euros), down by nearly 22% from a year earlier. The company’s turnover amounted to 2.92 bln lei (796.19 million euros), 26.3% up from 2007.

The state-owned power operator is 73.69% managed by the Ministry of Finance and 13.50% by Fondul Proprietatea.

Transelectrica has a share capital of 733.03 million lei, divided in 73.30 million shares at a nominal value of 0.10 lei. The market value of the company stands at 835.65 million lei (197.55 million euros). Transelectrica stocks closed yesterday’s trading session at 11.40 lei at Bucharest Stock Exchange.