Legal Advisors For Privatizations To Be Selected By July

05.15.2011 By Bostan Radu

Romania's Government will appoint, by July, legal advisors for the stock it plans to sell in state companies CFR Marfa, Tarom, Petrom, Transelectrica, Transgaz, Romgaz, Hidroelectrica and Nuclearelectrica, says the letter of intent to the follow-up deal with the International Monetary Fund.

According to an appendix to the letter, the Government has pledged to sell 20% of CFR Marfa, up to 20% of Tarom, 10% of Petrom, 15% of Transelectrica, 15% of Transgaz, 15% of Romgaz and at least 10% of Hidroelectrica and Nuclearelectrica.

IMF mission chief Jeffrey Franks told MEDIAFAX recently that Romania will sell more than 10% in energy producers Nuclearelectrica and Hidroelectrica, but certainly less than 50%. This move would earn the state billions of euros, he said.

The decision to sell minority stakes in Nuclearelectrica and Hidroelectrica was made after the plan to create two energy champions was blocked.