The reference price for the shares of "OMV Petrom" is 0.3708 lei/share

The reference price for shares of "OMV Petrom" (SNP) of the 9.84% block of shares put up for sale by the Romanian state via a Secondary Public Offering has been set at 0.3708 lei/share, in the Special Meeting of the Government which was held yesterday. Ion Ariton, the Minister of the Economy, Trade and Business Environment, said: "This (ed. note: the reference price) means that none of the shares of "OMV Petrom" of the will be sold below this price". The price of 0.3708 lei/share is the average price of the last 52 weeks, 2.67% below Monday"s quote.

• Ion Ariton: "We think it is a reasonable and feasible plan"

The minister of the Economy expects the stake of 9.84% out of the total 20.63% that the Romanian State still owns in Petrom will be completed < successfully >: "I am 100% sure that we will make more (ed. note: at the end of the offering) than through the minimum price proposed today (ed. note: yesterday). We think it is a real and feasible price".

In support of his optimistic expectations, Ion Ariton also added: "Recently, the exploration period for the Neptun perimeter of the Black Sea basin was extended for Petrom. This is a concession where the company is also associated with Exxon, and the concession period for that perimeter is 30 years ". The minister also mentioned the "finding of natural gas in the county of Gorj, the Totea commune".

At the same time, Ion Ariton did not wish to disclose the subscription rate in the secondary offering of "OMV Petrom" so far, arguing that it is a confidential matter.

He added however, that the subscription rate in the first days, was lower, and that in general, the subscriptions occur, in the last two-three days of the offerings.

For the entire stake, the state might make between 2.06 billion lei (in other words 484 million Euros, at the minimum price) and 2.56 billion lei (meaning 610 million Euros at the maximum price).

The price of the offering will be distinctly set for the tranche intended for retail investors and for that of institutional investors and will be at least equal to the sole reference price per share, according to the Official Gazette.