5m euro guarantees from Distrigaz hopefuls

The investors submitting final bids for the two natural gas distributors Distrigaz Nord and Distrigaz Sud are required to deposit a 5 million euro guarantee, according to sources involved in the privatisation process. Gaz de France (France), Ruhrgas, Wintershall (Germany), Gazprom (Russia) and Enel (Italy) are expected to submit binding bids by July 15. Gaz de France and Ruhrgas have stated they will bid for both distributors, preferring to advance their bids alone, without teaming up with other companies. The privatisation announcement says investors may bid for both distributors but in the end may hold only one. This step is intended to avoid the creation of a monopoly. The Romanian State will sell 30% in the two distributors directly to strategic investors, which are to later participate in a capital increase so as to make up the remainder of the final 51% share. ZF