PSD claims that it has not changed its position regarding the sale of state-owned shares in profitable companies or strategic sectors, although the governance program proposed by Luca Niculescu has brought back the discussion about the possibility of listing minority stakes on the stock exchange.
The Social Democrats state that they still oppose such sales, but they accept attracting investors only to companies facing financial difficulties.
In a statement released on Friday, PSD rejects the idea that there is a contradiction between the stance it had during the Bolojan Government and the measures now included in the designated prime minister's program.
"PSD opposed and will oppose the sale of these profitable companies or those in strategic sectors for the national economy, such as energy, defense, or the banking sector. At the same time, PSD has never opposed and will not oppose attracting investors to state-owned companies facing difficulties," the party specifies.
What the governance program entails
The program submitted to Parliament by Luca Niculescu states that the state will not sell profitable strategic assets under disadvantageous conditions but allows the listing on the stock exchange of minority share packages.
"We do not sell profitable strategic assets under budgetary pressure and without a proper evaluation, but we keep the possibility of listing minority stakes, following the model of already listed energy companies," the document states.
However, this is where the difference from the position supported by PSD in April arises. Back then, the Social Democrats opposed the sale of minority share packages in profitable companies proposed by the Bolojan Government. Now, Niculescu's program precisely leaves this possibility open, without specifying, however, which companies could be targeted, how many shares would be offered to investors, or when these operations could take place.
Listing a minority stake means that some of a company's shares can be bought by investors without the state having to relinquish control over it.
Dispute during the Bolojan Government
In April 2026, PSD opposed the plans of the Bolojan Government to sell state-owned share packages in companies such as Hidroelectrica, Romgaz, and CEC Bank. The Social Democrats argued at the time that the state's stakes were evaluated well below their real value and demanded the withdrawal of the initiatives.
At that time, Ilie Bolojan explained that the state was to remain the majority shareholder and retain control over strategic decisions.
Later, PSD also drafted a law to prohibit the sale of shares in profitable state-owned companies. The law was adopted with the help of AUR.
What happens to state-owned companies with losses
PSD now invokes the law that prohibits the sale of state-owned shares until December 31, 2027. The legislative act makes exceptions only for companies that have recorded losses for five consecutive years or are in insolvency, a situation confirmed by a final court decision.
Separately, the Niculescu governance program proposes measures for state-owned companies with financial difficulties.
According to Digi24, companies that accumulate losses for two consecutive years are to be independently evaluated to determine if they can be turned around.
In the case of companies facing serious problems, authorities could decide on restructuring, attracting investors, or liquidation, depending on each situation.
The program also stipulates that companies that record losses for three consecutive years, without a public service contract justifying the continuation of their activities, are to undergo a procedure to exit the state's portfolio.
PSD insists that all these provisions are in line with its previous position. "There is no contradiction between the positions previously expressed by PSD on this matter and the commitments now assumed through the Governance Program. PSD has been and remains consistent: profitable state-owned companies in strategic sectors should not be sold," the party conveys.