Romania’s AVAS May Hike Stake In Oil Co Petrom

Last summer, AVAS lowered its stake in Petrom from 30.8% to 20.64%, by raising Fondul Proprietatea’s stake.

Petrom is the largest corporation in Romania and the largest gas and oil producer in southeastern Europe. In December 2004, Petrom was privatized and became a part of OMV AG (OMV.VI), which is the majority shareholder.

The other shareholders of Petrom are AVAS, with 20.63% of the shares, Fondul Proprietatea, with 20.11% and EBRD with 2.01% of the shares. Minor shareholders own 6.21% of the shares.