"Petrom" Privatization... Waiting for The Summer

• Short-listed companies must submit final bids by April 7th

• Economy Minister Dan Ioan Popescu says "Petrom" privatization can be completed by July

• Until then, "Petrom" is selling assets

Although he declined specifying a date, Economy and Trade Minister Dan Ioan Popescu yesterday said that the privatization of National Petroleum Company "Petrom" could be completed by end-July. The privatization deadline was initially set for end-2003, and was later extended to March 31st. On March 12th, the negotiation commission sent short-listed companies the revised version of the documents related to the transaction so that final bids should be submitted by April 7th, Popescu added. Preliminary bids for "Petrom" have been submitted by "OMV" - Austria, "Hellenic Petroleum" - Greece, "Mol" - Hungary, "PKN Orlen" - Poland, "Gazprom" - Russia, "Occidental Oil & Gas Holding Corporation" - U.S.A. and "Glencore" - Switzerland.

Minister Popescu pointed out that solutions had been found to a number of issues left unsettled. Thus, investors will not incur penalties if they do not maintain the number of employees the same. "It is normal that, in the course of the privatization process, the prospective investor let us know what kind of restructuring he has in mind in corroboration with the value of the investment he plans to make," the Economy minister added. A few environment issues were also clarified during negotiations. For instance, The State will take responsibility for possible environ-mental damages caused during its ownership, Popescu said.

He mentioned that, besides the price The State was going to get for "Petrom," it was crucial that, after privatization, "Petrom" remain "an important company, both domestically and internationally."