The Ministry of Economy and Trade sent a memorandum to the Government about the 8% stake in Petrom set aside for employees. The memorandum suggested two options, the sale to employees or to an association of the employees, the Minister of Economy and Trade Codrut Seres said yesterday. "The memorandum on the sale of 8% in Petrom was submitted last week to the Government''s General Secretariat and proposes two options,"Seres said during a conference on the topic of energy in the Black Sea area.
In the summer of 2005, the Government rejected a proposition from this Ministry that would have seen shares sold to the Employee Association.
Early this February, Premier Calin Popescu Tariceanu stated he had asked the Justice and Finance Ministries to come up with propositions for the 8% stake to be sold to employees directly.
The first alternative in the memorandum presented by the Ministry of Economy and Trade is a Government Decision to stipulate the sale of 8% in Petrom strictly to the employees, explained Seres. He added this category included the personnel employed with a full-time employment contract at Petrom between the time the company was established (1997) and the time of the privatisation (2004), with the shares possible to buy by proxy. The second alternative suggested by the ministry is for the sale to be done through an association of the employees
"I hope (to see) the memorandum discussed during the first government session, that is this week,"Seres added.
According to the privatisation contract signed by the authorities with the Austrian group OMV, the former and current employees of Petrom have the possibility to buy from the state shares in the company up to 8% of the total share capital at the same price as paid by the OMV. The Ministry of Economy and Trade still controls 40.7% in Petrom.
OMV took over 12.7bn shares in Petrom at the end of 2004, which accounted for a 33.34% interest in the company, in exchange for 668.81m euros. The Austrian group later increased its stake to 51% through a capital increase, for which it subscribed 830m euros.
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