The initial deadline for the IPO was October 2012.
“The transaction advisor for Romgaz recommended a valuation of the company’s natural gas holdings be completed before an offering is launched. We are in the process of hiring a consultant to conduct the study, which we expect to be completed by the end of 2012,” the memorandum obtained by Mediafax noted.
Romania will also miss its mid-October target for the launch of an IPO for 10% in state-run hydropower producer Hidroelectrica, after the latter filed for insolvency in June this year.
The offering will be rescheduled once Hidroelectrica is solvent again, the government said in its memorandum.
Two other public offerings of minority stakes in natural gas transporter Transgaz (TGN.RO) and nuclear power company Nuclearelectrica were also delayed, according to the memorandum.
A secondary offering of a 15% stake in Transgaz was put off by two months until mid-September, while Nuclearelectrica’s IPO was rescheduled for March next year, three months later than initially planned.