SNP Petrom will remain an integrated entity for five years after privatisation, according to a clause the Romanian State will have included in the privatisation contract, sources involved in Petrom's privatisation process told Ziarul Financiar.
The investors still in the race seem to have eventually accepted the requirements of the Economy and Trade Ministry, which has insisted right from the start that Petrom should be sold to investors "in one piece" and remain like that for a while.
The idea to "break up" Petrom and sell it by pieces was suggested by the consultant hired by the Romanian State last year and then reiterated by the international financial institutions and by a series of investors in the race to acquire the company.
The "hunt" for Petrom's assets has also aroused the interest of some companies that did not officially enlist in the privatisation process, such as Russian oil giant LukOil for instance.
The Russians had initially said they were in talks with one of the seven investors on the shortlist only to later state they actually wanted to negotiate with the winner of the race for Petrom to buy certain assets, having eyed petrochemical assets, refineries and gas stations. In the end, the Economy Ministry prevailed, allowing investors freedom to decide how many employees they are going to keep following takeover, instead, as recently announced by Economy minister Dan Ioan Popescu himself.
The oil company held by the Romanian State is seen as oversized by many players in the industry, as it has a staff of more than 57,000 and an annual turnover of some $2.2bn.
OMV (Austria), Occidental (US), MOL (Hungary), PKN Orlena (Poland), Hellenic Petroleum (Greece), Gazprom (Russia) and Swiss trader Glencore are engaged in the race for taking over 51% in Petrom, by directly acquiring 33.34% in the company and then participating in a capital increase.
adrian.mirsanu@zf.ro
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