Energy Department’s Dumitrascu: Romgaz will be listed early this November

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The Romgaz national natural gas corporation will be listed with the stock exchange early this November, under an administration plan designed to halt further production decline, head of the Privatisation Directorate General of the Energy Department with the Economy Ministry Gabriel Dumitrascu told a specialists conference on Thursday.

‘There is no ceding now the private initiative, but increasing trust in the private sector. When companies fail to perform as expected we can resort to listing. There are few companies in Europe to match Romgaz in size and indebtedness close to zero,’ said Dumitrascu.

He added that the listing of Romgaz is not the result of the need for capital, but the need for transparency and the consequences will be seen very soon.

He said that after the flotation of Romgaz, three more companies will follow suit, including Electrica, the electricity corporation in which the Romanian Government will remain a minority shareholder, with a 40-per cent stake.

‘We started off this year with a successful flotation of Trasngaz as far as investors were concerned. It is important that there is price stability because this way Romanian companies can compete with foreign companies. The listing of Nuclearelectrica is underway. Next year, the Oltenia Energy Complex, Hidroelectrica and Electrica will be listed as well. The Romanian Government will remain a minority shareholder in Electrica, with a 40-per cent stake,’ said Dumitrascu.

Romgaz is Romania’s largest natural gas producer in which the Romanian Government, via the Economy Ministry, is the major shareholder. Romgaz does geological research, produces methane gas through its oil supply portfolio, stores natural gas underground and provides services in the gas fields.

In 2013, Romgaz expanded its business by incorporating a heat and electricity plant at Iernut, central Romania, with an installed power of 800 MWh, thus becoming an electricity producer and supplier as well.(Agenţia Naţională de Presă AGERPRES)

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