The rush begins for administrators for Romgaz, Transgaz and Nuclearelectrica

The Office For The State's Interests and Industrial Privatization (OPSPI) has announced yesterday that it will be accepting submissions until March 13th, inclusively, for the seats on the Boards of Directors of Romgaz, Transgaz and Nuclearelectrica. In the implementation of the professional management for these companies, the Ministry of the Economy is assisted by the partnership between Quest Advisors SRL and Transearch Internaţional SRL.

The Romanian state holds 85.007% of the share capital of Romgaz Mediaş, and the Proprietatea Fund - 14.992%. Romgaz is set to be listed on the Bucharest Stock Exchange in the second half of this year.

"Transgaz" S.A. carries out the national strategy for the transport, the international transit, the dispatching and R&D in the area of natural gas transport. The state owns 73.5% of the company. The Proprietatea Fund owns 14.98% of the share capital, and 11.5% are owned by other shareholders. Transgaz is listed on the BSE, and the state is set to sell, through a secondary public offer, by April, another 15% of the stake it owns in the company.

The criteria for the selection of the candidates for the Boards of Directors of Romgaz and Transgaz are at least 10 years of professional expertise, of which at least 5 years in positions of management/administration; college degree; the knowledge of Romanian or of a widely-used language. The expertise of individuals or companies in the positions of management/administration must be in companies with a turnover of a minimum of 100 million Euros or 1,000 employees.

At most (2) two members can be selected from among civil servants or other categories of personnel in the Ministry of the Economy - as the public tutelary authority, or from other public authorities or institutions. Of the new Board of Directors, at most two members may be appointed as executive administrators.

At least one of the selected persons must have at least five years of expertise in the area of natural gas. At least one of the members of the Board of Directors must have economic studies and expertise in economics, accounting, audit or finance, of at least five years.

90.28% of Nuclearelectrica is owned by the state. The Proprietatea Fund only holds 9.72% of this company. Nuclearelectrica will be listed on the BSE in spring this year. The selection criteria are similar to those required for Romgaz and Transgaz, except the experience required is in the electricity sector, rather than natural gas.