News 20 Nov 12

Romania Cancels Selling Stake in Energy Firm

Poor market conditions force Bucharest to change plans to sell a minority stake in the Transgaz gas company

Marian Chiriac
Bucharest

Romania is to cancel plans to sell a 15-per-cent stake in the gas pipeline operator, Transgaz, as agreed with the International Monetary Fund, citing poor conditions on the stock market.

“The stock market is down. In such conditions, Romania has no interest in carrying out a listing just for the sake of it,” Economy Minister Daniel Chitoiu told the website Hotnews.

Chitoiu said Romania will instead invest in the country’s natural-gas grid and other projects, such as the Nabucco gas pipeline.

Faced with a need for cash, Romania announced early this year that it would sell a minority stake in Transgaz by October, but soon changed the deadline till the end of this year.

The sale is part of a broader government drive to sell minority and majority stakes in energy companies under the terms of a 20-billion-euro bailout loan led by the IMF.

The Economy Ministry also plans to finish selling minority stakes in the utility company Transelectrica.

Romania is largely dependent on foreign borrowing to finance its investment plans. Last year it failed to sell a minority stake in the oil company, Petrom, on the stock exchange.

Talk about it!

blog comments powered by Disqus

Related Headlines:

hungarian-boycott-of-romania-s-holiday-revives-old-disputes-12-02-2016
02 Dec 16

Hungarian Snub to Romania Holiday Revives Tension

A Hungarian ministerial decision that the country's diplomats should ignore Romania’s National Day celebrations on December 1 - because they mark Hungary's loss of Transylvania - has breathed new life into an old dispute.

02 Dec 16

Bosniaks in Disarray Over Role in Srebrenica

02 Dec 16

Kosovo Tax Officials Admit Ties to Politicians

02 Dec 16

Turmoil in Montenegrin TV Sparks 'Plot' Claims

02 Dec 16

Vucic Picks His Runner for Presidential Race

02 Dec 16

Macedonian Parties Fuel Dreams of Pay Hikes

02 Dec 16

Germany to Back EU-Albania Talks, After Reform

01 Dec 16

Electoral Tensions and Democratic Woes

Premium Selection

ratko-mladic-s-trial-edges-closer-to-final-judgment-12-02-2016
02 Dec 16

Ratko Mladic’s Trial Moves Closer to Final Judgment

After accusations of genocide, ethnic cleansing, brutal detentions and a punishing siege, lawyers in the four-year trial of Bosnian Serb military chief Ratko Mladic begin to present their closing arguments next week.

sarajevo-siege-novel-celebrates-decency-under-fire-12-01-2016-2
01 Dec 16

Sarajevo Siege Novel Celebrates Decency Under Fire

Wartime Sarajevo-based correspondent Kevin Sullivan’s new novel The Longest Winter tries to reflect the humanity and courage of people living in the Bosnian capital during the 1992-95 siege.

30 Nov 16

Kosovo Town Feels Pre-Election Tensions

30 Nov 16

Abortion Rights Under Fire in Croatia

29 Nov 16

War Tourism Flourishes in Bosnian Capital

Latest News from the Balkans

02 Dec 16

Bosniaks in Disarray Over Role in Srebrenica

02 Dec 16

Kosovo Tax Officials Admit Ties to Politicians

02 Dec 16

Turmoil in Montenegrin TV Sparks 'Plot' Claims

02 Dec 16

Macedonian Parties Fuel Dreams of Pay Hikes

02 Dec 16

Germany to Back EU-Albania Talks, After Reform