Romania dreams of EUR 450 mln from delayed privatizations in 2013

Romania's Government hopes to cash in some EUR 450 million after listing secondary packages in OMV Petrom and Romgaz and after selling copper company Cupru Min, all delayed until 2013. The state also hopes to make some EUR 155 million by selling its minority package in Rompetrol. All these funds should have arrived in the state budget this year. But as the OMV Petrom secondary listing failed, and the Cupru Min privatization was not successful, the total amounts collected via privatizations in Romania this year stayed at some EUR 651 million, well below the expected EUR 950 million. Over half of the money raised this year came from dividends from the companies owned or partially owned by the state.

Romania wanted to sell 9.84 percent in Petrom last year, but the secondary public listing failed as the demand was lower than expected. The Romgaz stock exchange listing, scheduled to happen in October this year, was delayed for March 2013.

CupruMin was up for sale earlier this year, but the deal was stopped as the state could not reach an agreement with the buyer Roman Copper.

The state's other expected source of revenues was the almost 45 percent share package in Rompetrol, resulting from converting some unpaid bonds. All these would have to be decided again by a new Government, as Romania is headed for more political changes on December 9, when general elections will be held.

(photo source: sxc.hu)