Romania to sell OMV Petrom shares

The Romanian Ministry of Economy intends to put up 11.84 per cent shares in OMV’s Romanian subsidiary Petrom for sale, it was reported yesterday (Thurs).The Ministry published a draft resolution saying it intended to sell a package of 6.7 million shares accounting for 11.84 per cent of the share capital of SC OMV Petrom.Romanian Times reports that the shares will be sold “through mechanisms specific to the capital market” on the Bucharest Stock Exchange.The Romanian State holds, through the Ministry of Economy, a share of 20.6 per cent of Petrom, the largest company in Romania.Petrom, the largest Romanian oil and gas group, produces, refines and markets oil and gas products.Petrom has 550 petrol stations in Romania and an international network of 268 stations in Moldova, Bulgaria and Serbia. It reported turnover of 3.02 billion Euros in 2009.Vienna-based OMV, the leading energy group in Central and South-Eastern Europe, holds a 51.01 per cent share in Petrom.