Romania on Tuesday launched the sale of a 15% stake in Romgaz, the largest producer of natural gas in Central Europe, seeking to raise between $425 million and $567 million.
Romania
on
Tuesday launched the sale of a 15% stake in Romgaz, the largest producer of
natural gas in
Central Europe
, seeking to raise between
$425 million and $567 million.
The sale would meet one of
Romania
's
biggest commitments to the International Monetary Fund and the European Union,
made in return for 4 billion euros ($5.4 billion) in standby aid.
An IMF-EU delegation is expected to arrive in
Bucharest
Tuesday for a review of the loan agreement.
The IMF and the EU insist that the sale of big, loss-making transport and
energy companies will spur economic growth, which is expected to reach 2% in
2013.
Romgaz is the largest producer and supplier of natural gas in
Romania
with
a production of 5.66 billion cubic meters in 2012, the
Bucharest
stock
exchange said in a press statement.
Shares in Romgaz will be sold at a price ranging from 24 lei to 32 lei ($7.4 -
$9.9) at the
Bucharest
and
London
stock
exchange.
In September, the center-left government sold a 10% stake in the nuclear energy
producer Nuclearelectrica, raising $86 million.
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