Premium article: The decision to establish Romgaz and Transgaz offices in Bucharest, supported by investment banks


Romgaz and Transgaz will have in Bucharest secondary offices, where only the corporate management of the two companies related to strategy activities, marketing, international relations and institutional relations, including with the regulatory authorities in the field, will operate, the head of the Office for State Ownership and Privatization in Industry (OPSPI), Gabriel Dumitrascu, stated. “The establishment of secondary offices of the companies in Bucharest is a natural stage in the context of the development strategy and activity internationalization of the two companies”, a document issued by OPSPI on Friday reads.

 [cleeng_content id=”248478294″ description=”Buy this translation today. The article has 4453 characters with spaces. ” price=”7.49″ t=”article”]According to OPSPI head, “part of the corporate management of Romgaz and Transgaz” will operate at the Bucharest offices”. “The operational activity of the two companies will continue to take place in Medias, maintaining all the existing branches and working points, without any impact on the local budget, the local authorities continuing to benefit from these funds; in Bucharest only part of the corporate management of the two companies, related to strategy activities, marketing, international relations and institutional relations, including with the regulatory authorities in the field, will operate”, Gabriel Dumitrascu explained. The OPSPI head stressed that including investment banks with international reputation support the establishment of Romgaz and Transgaz offices in Bucharest. “This approach has been analyzed based on long-term strategic objectives, established within the development strategies of the two companies, and was supported including by investment banks with international reputation, which ensure the intermediation activity within the public offerings carried out by these companies, by investors and, last but not least, by the participants to the procedure for selecting professional directors, carried out in accordance with the requirements of GEO 109/2001 on corporate governance of public enterprises”, OPSPI head also stated. The Office for State Ownership and Privatization in Industry, institution subordinated to the Ministry of Economy, relies on a more efficient relation with investors, by creating new offices of Romgaz and Transgaz in Bucharest. “The purpose of this measure is to streamline relations with investors, with the state’s institutions and central authorities regulating the activity area of these economic operators, to approach a new strategy for the promotion and consolidation of the two companies’ operations, as well as for the development of international relations that the two companies will develop within the international strategic framework”, the OPSPI head mentioned. Another objective of establishing secondary offices in Bucharest “will be a potential higher involvement of the companies’ management in the future projects – strategic partnerships”. Here, the OPSPI head aims at “Romgaz and Transgaz penetration in other markets, their participation to auctions organized by the National Agency for Mineral Resources for the exploitation of the national geologic fund”. Gabriel Dumitrascu reassured the 6,500 employees of Romgaz, saying that the “establishment of a secondary office will be made according to the provisions of Law 31/1990, by a Decision of the Extraordinary Meeting of Shareholders, and does not involve staff restructuring, the companies’ management operating at the headquarters of the companies”. While OPSPI reassures that the employees and the two companies wouldn’t suffer, the union leader from Romgaz Medias, Ioan Stoicovici, canceled on Saturday the meeting between the unionists, the local authorities and the parliamentarians from Sibiu, being convinced that “the employees’ problems are about to be solved”. Stoicovici explained that he had dropped the dialogue on Saturday because he believed that the “problems of SNGN Romgaz employees were to be solved this month, by the company’s management, the Board of Directors and the General Meeting of Shareholders, in the most advantageous manner for them, according to a document addressed to guests to the meeting scheduled for Saturday dated Friday April 12th 2013. In turn, the former Economy Minister, PDL Senator Ion Ariton, stated on Saturday that he maintained the statement made on April 4th, when he accused Minister for Energy Constantin Nita that his only goal was to make a “campaign” in view of regionalization, with measures related to Romgaz. “Unfortunately, the minister delegate and head of PSD Brasov takes advantage from his governmental position, to publicly remark his anti-Sibiu position, in the future administrative regionalization of Romania. The first step referred to the potential moving of Romgaz from Medias to Bucharest, relying on diminishing the economic potential of Sibiu County, in view of competition with Brasov in the election of the next capital of the Central region”, Ariton stated. PM Victor Ponta stated on Thursday at the Parliament Palace that the two companies need a structure in Bucharest, but the employees and the local taxes would remain in Medias.

 Original Source in Romanian:[/cleeng_content]