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BP joins Lukoil in bid for Petrom

British Petroleum is interested in the majority stake in the Romanian oil and gas company Petrom, besides the Russian Lukoil, according to sources in the market quoted by Mediafax.

Apart from certain domestic investors seeking the backing of strong foreign companies in the field, Lukoil is believed so far to be the major bidder.

BP's commitment for getting involved at Petrom is definitely positive news, as it would leave without grounds seen by analysts as prompting the government to delay the privatisation deals. At the moment when the government has not yet announced the privatisation strategy, we see as premature speculating on BP's involvement -- while on the upside other foreign players might eventually bid [OMV, MOL] according to the rumours in the market.

Under the schedule, the privatisation announcement is to be issued by the end of June, while the deal is to be closed this year.

(Internet Securities 31.iii.03)

 
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