Romgaz is Romania’s largest natural gas producer and supplier, covering around 50% of the domestic output. The company produced 5.7 billion cubic meters of gas in 2012.
Under Romania’s privatization strategy agreed with the International Monetary Fund, Romgaz will launch an initial public offering of shares and global depository receipts (GDRs) to be traded in Bucharest and London, respectively.
Romgaz didn’t specify an exact date for its planned IPO. According to the government’s privatization calendar, the offer should take place in November.
However, market sources said recently that the IPO could be launched in the second part of October. They said the offer would be deemed successful if Romgaz raises over EUR450 million.
The natural gas company has hired Mellon Bank of New York to assist with the GDRs listing in London, people familiar with the matter told Mediafax.
Romgaz is majority owned by the Energy Department. The company reported a net profit of 1.24 billion lei (EUR281 million) in 2012, up 20% on the year, on total sales of RON3.84 billion.