Romanian companies are practically banned from the privatisation negotiations for SNP (National Oil Company) Petrom, as the company’s privatisation notice stipulates the bidders’ should have at least one billion dollars in turnover derived from oil and gas operations.
The announcement was published yesterday, almost two months late as compared to the initial calendar, and ten days after the new deadline agreed upon with the IMF had passed.
Romanian authorities are ruling out a situation similar to 1999, when the only bid was submitted by a consortium of companies controlled by Gelu Tofan, Dan Voiculescu and Sorin Ovidiu Vantu, who had operations in various fields.
On the other hand, should a strategic investor decide to attend Petrom’s privatisation on its own, it would have to prove annual revenues worth more than 1 billion dollars over the last three years. In the case of a consortium, this would have to include up to four companies, with combined annual revenues of over 1.3 billion dollars, mostly derived from oil and gas operations. Interested companies will be able to send letters of intention to the State Shareholding and Industry Privatisation Office by September 19. Petrom’s transfer into private ownership is due to be completed by March 31, 2004, three months after the initial deadline.
The future owner will have to directly buy 33.34% in the company. A capital increase will follow, with the new owner subsequently controlling 51% of Petrom.
According to the privatisation announcement, the company’s employees will be able to buy from the state, within a first stage, up to 2% of Petrom’s share capital. After the state reduces its stake in the company, it will sell up to 8% of Petrom’s shares to the employees, in the wake of the company’s capital increase. (More on the Petrom privatisation tomorrow).
adrian.mirsanu@zf.ro