Investment banks Credit Suisse First Boston (CSFB) and ING Barings will come up with their strategy drafts for the privatisation of Romania's largest company, SNP (National Oil Company) Petrom, early next year. The audit at SNP has already begun, with the two consultants signing the contract with the Industry Ministry yesterday.
As pledged by the Government to the IMF, the privatisation strategy was supposed to be endorsed by the end of the year, were the consultant selected in October, which did not happen.
"There is no more time left to meet this deadline, so we shall leave it for the beginning of next year," Misu Negritoiu, ING Romania general deputy manager and the official in charge of ING Barings' operations on the Romanian market said.
According to Negritoiu, the preparations for Petrom's privatisation could take some three to six months. "Our job is to find the most feasible privatisation solutions in terms of market conditions and identify the potential investors interested in Petrom," Negritoiu specified.
The consulting contract for Petrom is a several million-dollar business, for which nine major investment banks competed.
The CSFB/ING consortium will work together with Miculiti & Asociatii Linklaters law firm. The three should find a powerful investor to buy at least 51% in Petrom.
The Russian State got $775 million for 5.9% in the largest oil producer in the Russian Federation LukOil last week.
Petrom's principal shareholder is the Industry Ministry with 81.3%, followed by the Finance Ministry - 10.4% and by the Labour Ministry - 1.4%. SIF Oltenia holds 1.2%.
About five percent in Petrom have been listed on the Bucharest Stock Exchange since last year, with the quote going down to 1,000 ROL lately. Although the authorities have promised to make more shares available, this matter has been put on hold until the privatisation strategy is completed.
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