Romania's Premier: "Sale to OMV was a Huge Loss"

Energy › Oil & Gas ♦ Published: March 30, 2011; 02:19 ♦ (Vindobona)

Prime Minister of Romania Emil Boc regrets the 2004 sale of the then government owned Petrom to Austria's OMV.

Romania's Premier: "Sale to OMV was a Huge Loss" / Picture: © OMV AG

The sale of Petrom to OMV has "caused huge damage to the Romanian economy," said Boc. The 2004 privatization of the oil company made by his predecessor has been a mistake. The sale price of € 700m for a third of the shares was too low. A report by experts showed that the group had a value of € 6bn in 2006. Romanian politicians have already started investigative measures on the sale…

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