• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 10 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 4 hours Hong Kong protesters appeal to Trump for support.
  • 14 hours Europe: The Cracks Are Beginning To Show
  • 16 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 1 hour Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 2 hours Millennials: A boil on the butt of the work ethic
  • 3 hours A little something for all you Offshore swabbies
  • 11 hours Ban Fracking? What in the World Are Democrats Thinking?
  • 16 hours LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 13 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 4 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 56 mins Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 1 hour Shale profitability
  • 24 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 11 hours Let's shut down dissent like The Conversation in Australia
Is It Time To Invest In Offshore Drillers?

Is It Time To Invest In Offshore Drillers?

Following an “absolutely horrible year,”…

Romania's Attempt to Sell Minority Stock in Petrom Fails

Romanian President Traian Basescu believes that the government’s recent failed attempt to sell a minority stake in the Petrom oil corporation via a secondary offering, while disappointing, underlined that Romania could not afford to sell the shares except for a “fair” price.

Basescu told TVR public television channel during an interview, “This was a market failure. To us, it was not what we wished for, but it was the right solution. I have seen public debates on what the selling price should have been. I can tell you that consultants recommended us to sell a share for RON (Romanian New Leu) 0.33 (11 cents at current exchange rates), at which the Petrom shares would have been sold without a question; we could have probably asked for RON 0.34 or RON 0.35. The Government did not accept other price that the median of the past 12 months, which included a bonus. The decision was not to get below this price for a simple reason: Romania should not be mistaken for a country that has to sell its assets to be able to pay pensions and wages. We faced this risk last year and we took the necessary measures. On the one hand, we wanted to sell, but at the right price,” Romania’s Agerpres government press agency reported.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play