Romgaz IPO scheduled for autumn

The Romanian Ministry of Economy says the listing of state-owned gas producer Romgaz is set to take place this autumn, if the secondary public offering in Transgaz will prove successful.

The government plans to sell a 15 percent stake in the gas producers, which was included earlier this year in future deepwater production off-shore Romania, in the Midia Deep area. Romgaz has the option to buy a 10 percent of the participating interest in the block from ExxonMobil and OMV Petrom.

The gas transport company Transgaz and Romgaz are considered to be of national interest and will remain on state hands, according to the Ministry of Economy.

Authorities plan to move part of the operations of the two companies in Bucharest, with their headquarters will remain in Medias, but a final decision will be struck by shareholders and board members.

Setting up secondary headquarters that handle strategy and international relations will not require layoffs, said the Ministry of Economy in a statement.

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A consortium comprising Goldman Sachs, Erste, BCR and Raiffeisen Capital & Investment will intermediate the initial public offering (IPO) in Romgaz.

Constantin Nita, minister-delegate for energy, recently said the Romgaz is likely to take place in September.

Ovidiu Posirca