Petrom strategy done by month's end

The Ministry of Economy and Trade (MEC) on Monday announced it would submit SNP Petrom’s privatisation strategy to the Government for approval in the next two weeks. The deadline for publishing the privatisation announcement for SNP Petrom had been initially set for late June 2003, but was extended by two weeks until July 15, following a series of talks between the authorities and the International Monetary Fund and World Bank representatives. The Ministry says Petrom’s privatisation strategy is about to be completed. “The main provision in the document is offering the controlling interests to a strategic investor,” the Economy and Trade Ministry says. The privatisation of the company requires modifying certain parts of the legislation, such as Emergency Ordinance 49/1997 on the establishment of Petrom, which prohibits privatising the company by selling the controlling interests in it. ZF