Romania to sell gas firm for $ 383 mm to Ruhrgas

Oct 21, 2004 02:00 AM

The Romanian government said it would sell a state stake in gas distributor Distrigaz Nord to Germany's Ruhrgas for $ 383 mm.
Ruhrgas will initially acquire a 30 % stake which will be raised to 51 % by a subsequent share offering.

A wave of investment deals was signed by foreign companies in Romania. Gaz de France bought a state stake in gas distributor Distrigaz Sud for $ 388 mm.
On the same day, France's Vinci construction company also signed a deal for a $ 599 mm contract for a highway building program. Another French company, Alcatel signed a $ 75 mm deal to upgrade railway stations in Romania.

Taken together, the deals signed by foreign investors amount to $ 1.445 bn.
Romania hopes to join the European Union in 2007 and is making a concerted effort to upgrade its infrastructure as part of its accession bid.

Source: United Press International
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