Romania power stake raise 80mn euros

BUCHAREST: The sale of a 15 percent stake in Romania's state-owned power grid operator Transelectrica could raise 80 million euros ($114.8 million) for the government, the head of the company said.

The company aims to sell an additional stake of 12 percent through a capital increase, Transelectrica head Horia Hahaianu told state news agency Agerpres. The sale of both stakes is planned to take place this year.

The government holds 73.7 percent in Transelectrica.

The sale is part of a government plan to raise some 2.9 billion lei ($979.7 million) this year on the Bucharest bourse, according to the terms of agreements with the International Monetary Fund and other lenders. .

Romania also plans to sell a 9.8 percent stake in top oil and gas firm Petrom , controlled by Austria's OMV , and 15 percent in state-owned gas operator Transgaz and in unlisted gas producer Romgaz.

Government plans to sell stakes in energy firms were postponed from 2010 to this year and President Traian Basescu said last month that listings could be delayed again if market conditions are not favourable.

Basescu also said the listings might take place towards the end of the year and the money raised will not be included in the 2011 budget.

Copyright Reuters, 2011