Gazprom bids for Distrigaz

Gazprom is still in the race for the privatisation of the gas distribution companies in Romania, but the Russian concern’s officials did not say which of the two Distrigaz-es they were going to submit a final bid for.

The Russians are competing against the Germans at Ruhrgas and Wintershall, and the French at Gaz de France that will submit the final bids by July 15th.

“Gaprom will participate in the third stage of the gas distributors’ privatisation and will make a final bid to take part in the privatisation,” Alexander Medvedev, general manager of Gazexport, owned by Gazprom, was quoted as saying by the Russian information site rbcnews.com.

The most spectacular privatisation so far has been that of the gas distribution, where five big European groups signed up for the race. Four of the bidders opted for both Distrigas companies – Ruhrgas (Germany), Gaz de France (France), Enel (Italy), Gazprom (Russia), while Wintershall is only interested in Distrigaz Nord.

The Romanian State is directly selling 30% in the two distributors to strategic investors, who will then participate in a capital increase to come to own the majority 51% stake.

The value of the two transactions is put at about 400-500 million dollars by sources close to the privatisation process.

The state’s consultant in this transaction is the consortium made up of Credit Suisse First Boston investment bank, Fondul Romano-American de Investitii (Romanian-American Enterprise Fund) and Linklaters law firm.
adrian.mirsanu@zf.ro