July 22 (Bloomberg) -- Romania failed to sell a 9.8 percent stake in OMV Petrom SA after the issue was undersubscribed, the Economy Ministry said.

The country will continue with its plans to sell shares in other state-owned companies, the ministry said today. The government is “determined” to meet pledges made to the International Monetary Fund and the European Union, it said, adding it will monitor market conditions for a new Petrom sale timetable.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net

To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net