Romania's top oil and gas group, OMV Petrom [BSE:SNP], said on Thursday it has sold its 28.59% stake in local gas distributor Congaz to GDF SUEZ Energy Romania.
The sale is part of OMV Petrom’s strategy to exit from gas distribution and supply activities, for end consumers on the regulated market, OMV Petrom said in a statement, without disclosing the price of the deal.
Thus, GDF SUEZ Energy Romania, which already holds 28.59%, will become a majority shareholder in the gas distributor. The other major owners are E.oN Ruhrgas International with 28.59% and pipeline builder Petroconst SA with 13.94%
"[..] We will continue to supply gas to our clients on the free market. As for this transaction, we see benefits for all parties, including for the clients of Congaz, considering that the new majority shareholder, GDF SUEZ Energy Romania, already knows the company and has extensive experience in gas distribution and supply,” OMV Petrom board memeber Cristian Secosan said in the statement.
The transaction will have a limited impact on the financials of OMV Petrom, considering that Congaz total sales represent less than 1.0% of OMV Petrom's, the company said.
Earlier this month, OMV Petrom sold its non-core gas distribution unit Petrom Distributie Gaze to local company Ligatne in a bid to increase efficiency.
OMV Petrom is among the 10 most liquid stocks on the Bucharest bourse and is included in its blue-chip BET index.
Source: SeeNews
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