The Ministry of the Economy is looking to make over 600 million Euros from the sale of its stake in Petrom

A.G. (Translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 06 iunie 2011

"Personally, as a former employee of Petrom, I would like a price 1 leu above the price we got for the shares in the other stake in Petrom that we sold", Mr. Ariton said.

"Personally, as a former employee of Petrom, I would like a price 1 leu above the price we got for the shares in the other stake in Petrom that we sold", Mr. Ariton said.

The Ministry of the Economy is looking to earn more than 600 million Euros from the sale of its minority stake of 9.86% in Petrom, minister Ion Ariton said in a press conference in Sibiu, held on Friday. "Personally, as a former employee of Petrom, I would like a price 1 leu above the price we got for the shares in the other stake in Petrom that we sold", Mr. Ariton said, quoted by Agerpres. He said that the ministry he is leading has run the numbers and is hoping that the sale of the shares in Petrom will be "a successful deal".

PM Emil Boc also said in April that the amount obtained from the sale of the stake in Petrom may exceed 600 million Euros, which would be more than the Năstase government earned for the sale of the entire company.

The Ministry of the Economy owns 20.639% of Petrom. The Proprietatea fund owns 20.11%, OMV - 51.011%, the European Bank for Reconstruction and Development - 2.026% and various individuals and companies - 6.214% of the shares.

The listing of Romgaz to take place next year

The listing of Romgaz on the stock exchange is only at an early stage and may happen next year, the Ministry of the Economy announced. "The listing of Romgaz is only at the beginning. It may take about a year, perhaps even fourteen months", Ion Ariton said.

Concerning Romgaz, PM Emil Boc recently said that he would for the c company to be privately managed. The Minister of the Economy also spoke on Friday about the need to bring private management to the state owned companies, but did not specifically discuss Romgaz, but rather named Hidroelectrica and the National Coal Company as potential candidates.

In the beginning of May, the director of the Bucharest Stock Exchange, Valentin Ionescu, said, in Cluj Napoca, that the listing of state owned companies can increase the transparency of their management. He explained that this increase in transparency can force managers, even those of state owned companies, to take more responsibility for their decisions, which results in increased competence. The director of the BSE said that initial offerings are the most important, such as the one of Romgaz, set to happen next spring, as they would attract new investors to the capital market.

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