Romanian state owned natural gas producer Romgaz reported bigger profits last year with 2011 net income rising to nearly EUR 230 million. Greater sales were responsible, according to a company statement. The company is due to be privatized and the rosy figures will no doubt please the government ahead of the company's sell off.

Shareholders, which currently include the Romanian state and the Fondul Proprietatea, will get the lion's share of the 2011 profits. Last year Romgaz recorded around EUR 925 million worth of sales, also representing an increase on the previous year.

A 15 percent stake in the state controlled natural gas company Romgaz will be up for sale this year. The company will be listed on the Bucharest Stock Sxchange along with a number of other state companies due for privatization. The IMF has made repeated demands for the speedy privatization of state owned assets.

Liam Lever, liam@romania-insider.com