The Prime Minister confirmed thus the information published earlier by Mediafax, citing people close to the talks, on postponing the offering of Transgaz and the sale of freight rail company CFR Marfa.
A secondary offering of 15% in Transgaz was initially scheduled for June this year, but the government has postponed it due to technical reasons. The offering prospectus has been sent to the securities commission and is being analyzed.
Ponta reminded that under a EUR3.5 billion loan agreement with the International Monetary Fund, the Romanian government has pledged to sell shares in several key state-run companies, including Transgaz, CFR Marfa, natural gas producer Romgaz and nuclear power company Nuclearelectrica.
“As regards the strategic privatizations, namely Transgaz and CFR Marfa, undertaken by Romania in February 2012, the Presidency and the Government share the same opinion which will be approached by the Finance Ministry during talks with the IMF,” said Ponta.
Asked whether Romania will ask IMF to postpone by one year the sale of CFR Marfa and the secondary offering in Transgaz, Ponta said he could not disclose the negotiation terms with IMF.
“We have completed all the forms at Transgaz but the main idea is to know whether we sell at a cheaper price now or delay the sale, most of all this is connected to the development of the Romanian energy market over the next years. The good news on the drilling performed by Exxon and OMV Petrom, as well as the other leases, made us to believe that during a certain period of time–a couple of years, not one or two months–the development of the Romanian energy sector will consequently lead to the increase in prices of state-owned stakes,” said Ponta.
CFR Marfa was supposed to be auctioned by the end of October, according to Romania’s latest letter of intent to the IMF.
The government hired a consortium comprising US consultancy firm Deloitte, Musat&Asociatii and France’s Systra to advise on the sale.
In December 2011, Exxon Mobil Exploration and Production Romania Limited, a unit of US Exxon Mobil, has started drilling with OMV Petrom an oil perimeter of the Black Sea. Early this year, OMV Petrom and Exxon Mobil said they made a significant discovery at the Black Sea explorations. Based on preliminary forecasts, the natural gas deposits total 42-84 billion cubic meters, similar with three to six times Romania’s annual consumption.