Bloomberg News

Romanian Energy Stake Sales ‘Slightly Delayed,’ Official Says

August 16, 2012

Romania agreed with the International Monetary Fund to “slightly delay” the deadlines to start the stake sales in energy companies, said Alexandru Sandulescu, an Economy Ministry official.

“The deadlines have slipped slightly from the initial terms,” Sandulescu said in an interview in Bucharest today. He declined to give the individual deadlines for the stake sales.

The country had planned to sell a 15 percent stake in natural-gas producer Romgaz SA by mid-September, a 10 percent stake in hydropower generator Hidroelectrica SA by mid-October and another 10 percent stake in nuclear power operator Nuclearelectrica SA by the end of the year, according to a letter of intent to the IMF published in June.

The IMF said on Aug. 14 that the eastern European country must offer for sale by September a 15 percent stake in utility Transgaz SA and a majority stake in unprofitable chemical company Oltchim SA to secure the approval of the lender’s board of directors necessary to unlock a tranche under a precautionary loan.

To contact the editor responsible for this story: Irina Savu at isavu@bloomberg.net


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