Romania Won’t Sell 9.84% In OMV Petrom For Less Than EUR600M, PM Says

„We’ll get a bigger price for the sale of the 9.84% stake than the EUR600 million [former prime minister Adrian] Nastase got for the majority stake sale,” Boc said, adding the state won’t sell the 9.84% for less than EUR600 million.

In 2004, Petrom was valued at EUR2.1 billion and Austria’s OMV paid EUR699 million for a 33.34% stake and later raised its share in the Romanian oil company to 51%, through a capital increase of EUR830.6 million.

Romania plans to reduce its stake in Petrom to 10.8% from the current 20.6%in a deal estimated at EUR510 million, the highest transaction ever on the Bucharest Stock Exchange.

Petrom, majority owned by Austria’s OMV AG (OMV.VI), is the largest gas and oil producer in southeast Europe.