Romania to Complete Petrom Privatization in 2004

Romania has set a deadline of March 2004 to complete privatization of its national oil company SNP Petrom according to the Economy Ministry. The sale of Petrom is a key element of the ex-communist Balkan country's accords with international lenders. Petrom will be strongly competing with MOL out of Hungary, PKN from Poland and INA from Croatia for position in the region.

Last month Romania unveiled the strategy to sell Petrom saying a strategic investor or a consortium would be able to buy 33-34 percent outright but should, at the same time, take part in a share capital increase to raise its stake to 51 percent.

More details will be made available with the privatization announcement is formally made later this month.