BUSINESS

Government revises downward the budget of the privatisation office

The government has revised downward the budget of the Office for State Interests and Industrial Privatisation (OPSPI), as it noticed that privatisation incomes were much under expectations, amounting to just RON 215 M (some EUR 50 M), against initial estimations of RON 2.8 bln (over EUR 670 M), Mediafax informs.

In January, the Office for State Interests and Industrial Privatisation estimated it would receive RON 2.88 bln from selling on the capital market the share packages it holds in state companies, and from privatisation, a forecast that was included in the budget of the institution, approved by the government. At that moment, OPSPI was preparing to float on the Bucharest Stock Exchange (BVB), during June-December, 15 stakes in Transelectrica, Transgaz and Romgaz – three of the most important energy companies, controlled by the Ministry of Economy, and also relied on the sale of a 9.84 stake in Petrom. However, the Petrom offer failed because investors subscribed less than 80 pc of the shares, and the offers for Transelectrica, Transgaz and Romgaz are currently expected to be launched next year. Actually, after the Petrom failure, few brokers had the courage to attend the selection bids for selling shares in Transelectrica and Transgaz.

As a consequence, the government revised downward the budget of OPSPI resulting from privatisation this year, reducing the incomes from an estimated RON 2.8 bln to the actual sum that was earned – only RON 215 M – while diminishing accordingly the expenses allocated to the privatisation process.

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