Romania–Ultimate Reed In American Imperial Wind

[It is little wonder that the forces of empire have settled upon Romania as the ultimate testing ground for US geostrategic plans.  The anti-missile system, which will ultimately target Russia, is to be located there.  Romania has met all IMF conditions, with the sell of part of its natural energy assets to Western bidders.  Potential deals with Turkmenistan, to supply gas to the temporarily postponed Nabucco, remain up in the air, while South Stream plans completely bypass Romania.]

IMF: Romania To Sell Large Stakes In Key Energy Companies

Romanian authorities will make the necessary arrangements to sell “significant stakes” in several key energy companies in the coming months, including nuclear power company Nuclearelectrica and gas pipeline operator Transgaz, an official of the International Monetary Fund said Monday.

IMF: Romania To Sell Large Stakes In Key Energy Companies

“We are focusing particularly on the energy and transport sectors, as these are vital for the economic growth,” IMF mission chief Jeffrey Franks told a news conference in Bucharest.

Apart from Nuclearelectrica and Transgaz, Romania will sell large stakes in hydropower plant Hidroelectrica and natural gas producer Romgaz, but also in other state-run companies, Franks said.

“Inefficient and insufficiently capitalized companies are not coping with market conditions. They must be restructured (…). Together with the government, we will restructure the companies in the railway sector and will bring in private capital,” Franks said.

He said Romania and the IMF have reached an agreement on the economic and fiscal policies to be pursued during a EUR5 billion two-year precautionary program that started end-April.

“We’ve reached an agreement regarding the first review mission. All quantitative criteria have been met and we’ve also agreed on the policies to be applied next,” Franks added.

Joint teams from the IMF, the EU and the World Bank arrived in Bucharest on April 27 for the first review of the follow-up agreement.

Under the new deal, the IMF will disburse Romania EUR3.5 billion, while the EU and the World Bank contribute with EUR1.4 billion and EUR400 million, respectively.

Transgaz Q1 net profit at 194.9 mln lei

Societatea Nationala De Transport Gaze Naturale Transgaz SA

BUCHAREST | Fri May 13, 2011 2:15am EDT

BUCHAREST May 13 (Reuters) – Romania’s state-owned gas pipeline operator Transgaz (TGNM.BX) posted a 3.0 percent rise in its first quarter net profit, above market expectations.

The company reported a net profit of 194.9 million lei ($67.25 million), versus an average forecast of 175 million lei in a Reuters poll earlier this week. It compares with a net of 189.2 million lei in January-March 2010. (Reporting by Radu Marinas)

Turkmen delegation in Romania for trade, fuel talks

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