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O4  RIOGE - Nov 2002'(<)*,-.=01H/EFG>ABCD/L  h  0` f33` 3f3` ___>?" dd@?" dd@! >@` - n?" dd@   @@``@n?" dd@  @@``PP    @ ` ` fp@   @        (    # lA ?1? .  Hlgֳgֳ ? l RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  3 r"l1?{ zBROMANIAN GOVERNAMENT NATIONAL REGULATORY AUTHORITY FOR NATURAL GASCCF J  Z  s *33?PP fN +   + Z2  s *33?+ U Z2  s *33?  Z2  s *33?+TZ2  s *33?Z2   s *33?+UZ2   s *33?Z2   s *33?+UZ2   s *33?Z   s *33?Z2  s *33?J%tZ2  s *33?%Z2  s *33?j%   ft3l1 ? # N  6޽h? ? f33y___PPT10Y+D='  = @B + Contemporary6 0 F(  B  c pFpF1 ??9  l v* R))RR{{D  c pFpF1 ?{ 9  x* R))RR{{d  c $ ?Ay  j  c (pFpF1 ? ;  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     SH  s pFpF1 ?5?n   v* R))RR{{J  s  pFpF1 ?5{ n  x* R))RR{{H  09g ? ̙3380___PPT10.?UH h(  B  c h pFpF1 ??9   v* R))RR{{D  c `h pFpF1 ?{ 9 h  x* R))RR{{H  s  pFpF1 ?5?n  h  v* R))RR{{J  s  pFpF1 ?5{ n h  x* R))RR{{H  09g ? ̙3380___PPT10.?5F 0  x(  x' x Zjl 1?~  5BLACK SEA ENERGY CONFERENCE ROMANIAN GAS SECTOR.6dfDf5   x Zl 1?p /  BUCHAREST 3-5th of April 2006> fff H x 0޽h ? f33 0 0\(  $  ZL 1?`$T  d GENERAL PRINCIPLES AND OBJECTIVS LEGAL FRAMWORK REFORM INDUSTRY RESTRUCTURING MARKET OVERVIEWeefH  0޽h ? f33 0 @8(    ZG 1?z v GENERAL PRINCIPLES AND OBJECTIVS!!f  H  0޽h ? f33 0 P (    T fjJ?x mGENERAL FRAMEWORK REFORMf   TX fjJ?  kCOMPANIES PRIVATISATIONf a  Z g ? Z  y IMPROVE SECTOR EFFICENCY INCREASE QUALITY OF SERVICES ASSURE THE SECURITY OF SUPPLY BETTER PRICES FOR COSTUMERS$z!zy   ZLO 1?Zz mCOMMON OVERALL OBJECTIVESf     `G FHf1? 0 2 H  0޽h ? f33E 0 `=(    T  fjJ?P`b lGENERAL FRAMEWORK REFORMf   TT  fjJ? P   zLEGAL FRAMEWORK REFORM*ff   T8B fjJ? 8  {INDUSTRY RESTRUCTURING*ff | @ Tfp?h. |  Tfp?h.  H  0޽h ?/@ f338 0 px(  @  H fjJ?0 LEGAL FRAMEWORK legal ground for entering into the market  faire, transparent and non-discriminatory rules assets ownership and regime  concessions, public-private partnership, rental, private, etc. technical and commercial set of norms and regulations, including licensing and authorization procedure TPA regime to the networks  regulated or negotiated prices and tariffs methodologies investment protection  cost recovery including the cost of capital, long term commitment, etc.]_Pffff H  0޽h ? f33 0 UM(    H: fjJ?- 5INDUSTRY STRUCTURE companies unbundling production and/or wholesale supply transport underground storage distribution retail supply establishing the SSO, TSO and DSO establishing the supplier of last resort establishing the market operator, HUB operator, etc.fff1fffffff  fff H  0޽h ? f33 0 <(    Hc: fjJ? COMPANIES PRIVATISATION changes in management and economical behavior profit orientated and cost saving incentives competitive market knowledge and mechanism know how transfer  technology, organization, professional competences financing power and access to international capital markets European technical background and  best practice 1f0fH1f0fr1ffKfc H  0޽h ? f33 0 /(    Z' 1? mLEGAL FRAMWORK REFORMf H  0޽h ? f33  0 ((    H.: fjJ? x0LEGAL FRAMEWORK Romanian primary legislation establishment of the Gas Regulatory Authority in 2000 responsible for : granting and withdrawal of licenses and authorizations issuing the TPA rules and framework contract for regulated activities market liberalization and improvement of competition tariffs and prices methodologies and approval define market structure : regulated regime for natural monopolies - transport, distribution, UGS, regulated supply (for captive costumers) competitive market for wholesale and eligible costumer supply.Jfr-f-f@-fffffIffff  f0 H  0޽h ? f33  0 ~v(    Hi: fjJ?\ ^(LEGAL FRAMEWORK secondary legislation issue by NRANG standard framework contract for transport, UGS and distribution services and for regulated supply rules for TPA performance standards tariffs and prices methodology  a PRICE CAP approach regulated asset base and regulatory accounting procedures rules for market monitoring Network Code Supplier of last Resort appointment (under way) 6-1f%fffrffOff;ffPf ff H  0޽h ? f33 0 /(    Z: 1?z mINDUSTRY RESTRUCTURINGf H  0޽h ? f33 0  %(    Zl:1?0 P0 |*VERTICAL INTEGRATED MONOPOLISTIC COMPANY++* B   `D1? PP0B    `D1?0`0    `: 1?F gPRIVATE OWNERSHIP    Z: 1?0d X1990    Z(: 1?0p  X1998    Z: 1?0T X2004   Z`: 1?0  X2000    `(`: 1? F- eSTATE OWNERSHIP    `:̙1?P`  uVERTICAL INTEGRATED COMPANY Production and UGS Transport Distribution and Supply HVXu    `:1? p   iPRODUCTION AND UGS    `>: 1?F  fPUBLIC OWNERSHIP    `$:1?0 p   kTRANSPORT AND TRANZIT    `x&:1?Pp   nDISTRIBUTION AND SUPPLY   Z(:1? 0 nDISTRIBUTION AND SUPPLY   Z ":1?0 0  kTRANSPORT AND TRANZIT   ZT:1? 0`  k PRODUCTION AND UGS   Z':1?0  c PRODUCTION   B  ZDo?000B  ZDo?@ @ 0B  ZDo?PP0  ZX: 1? , iACCOUNTING UNBUNDLING   Z,; 1?  dLEGAL UNBUNDLING    Z; 1?a6[ |&EVOLUTION OF THE ROMANIAN GAS INDUSTRY''& H  0޽h ? f33 0  @(      NxE;#e#e   ROMANIAN COMPANIES PRIVATIZATION!!f$      H`;gógó ? `SNP PETROM S.A., one of the two great natural gas internal producers, was privatized in 2004. OMV bought a 33.34% share package of PETROM and, in December 2004, its participation reached 51% as a result of increased equity. The same privatization method was used for the two major natural gas distribution companies. Gas de France has bought a 30% share package of DISTRIGAZ SUD and Ruhrgas has bought a 30% share package of DISTRIGAZ NORD and their participation reached 51% as a result of increased equity. The cumulated market share of these two distribution companies will decrease to about 90% up to the year 2007, in the same time with licensing of new private distribution operators; The market share of other producers, entirely private owned, holders of oil agreements, will increase to 3% (in the year 2007), respectively, up to 10% in the year 2015;NafI       ,  [H   0޽h ? f33% 0 ^%V%46$(    0d;@: j OMV - PETROM$ 0 2 f    3 #"&EE@   B0; ?k  6,3 %4(ffff @`  <; ?k .Others sharholders (natural and legal persons)2/ .ffff/ @`  B; ?& k  2,0 %4(ffff @`   <Ԇ; ?&k 0European Bank for Reconstruction and Development21 0ffff1 @`   B; ?g & 40,7 %4(ffff @`   <; ?g&  Ministry of Economy and Commerce4!( ffff! @`   B; ? g 51,0 %4(ffff @`   <; ?g OMV AKTIENGESELLSCHAFT4(ffff @`  BDw; ?   PERCENTAGE6 ( f ff f  @`  B; ?  SHAREHOLDERS6 ( f ff f  @``B  01 ? `B  01 ? `B  01 ?`B  01 ?  `B  01 ? `B  01 ?`B  01 ?g g`B  01 ?& &`B  01 ?k k  0~@'  `DISTRIGAZ NORD60( 2ff x   3 #"E@ !   B܆~ ? 49,0 %4(ffff @`  <~ ?   Ministry of Economy and Commerce4!( ffff! @`  B; ? 51,0 %4(ffff @`  <H ~ ?   E.ON/Ruhrgas4 ( ffff  @`  B~ ?  PERCENTAGE6 ( f ff f  @`   Bx~ ?   SHAREHOLDERS6 ( f ff f  @``B ! 01 ? `B " 01 ? `B # 01 ?  `B $ 01 ?`B % 01 ? `B & 01 ?`B ' 01 ?  x # '  (3 #"E  ) Bh2~ ?   49,0 %4(ffff @` * <T4~ ?#    Ministry of Economy and Commerce4!( ffff! @` + B>~ ?  51,0 %4(ffff @` , <TH~ ?#    Gaz de France4( ffff @` - B>~ ?'  PERCENTAGE6 ( ffff  @` . BW~ ?# '  SHAREHOLDERS6 ( ffff  @``B / 01 ?# ''`B 0 01 ?#  `B 1 01 ?# '# `B 2 01 ?' `B 3 01 ?# `B 4 01 ?' `B 5 01 ?#   6 0k~  DDISTRIGAZ SUD Note EBRD is expected to take share of Distrigas Sud ZD0( 20 f6ffH  0޽h ? f33  0   < (    <~ ?"6@ NNN?N $v Privatization projects in the year 2006: SNGN ROMGAZ SA Medias, main gas producer with a market share of about 35% - the privatization process is already initiated : sale of a majority stake towards a strategic investor, by selecting an international financial consultant that will establish the privatization strategy sale on the Stock Exchange Market of a share stake of minimum 5% of share capital current status : 14 investment banks/consulting firms submit  Expressions of Interest for financial advisory services for the privatization of ROMGAZ SA until the June 20, 2005. SNTGN TRANSGAZ SA Medias (TSO) sale on the Stock Exchage Market of a share stake up to 15% of share capital r*10K3-f-fo*FfFfKFf F f1ffffFfF3F3F3 FfN f f   3 5  Q I $  (    ,  .  ND;#e#e  2ROMANIAN COMPANIES PRIVATIZATION - futures steps -63!fff$  ) H  0޽h ? f33 0  '(    Z; 1?z eMARKET OVERVIEWf H  0޽h ? f33l  0   0 (  d2  <Ԕ@`0d2  <Ԕ    3 rp~)e)e 1?_  @ "  S ~~)e)eG~1? `  t ELIGIBLE COSTUMERS (200) <F  S ~ ~)e)eG1?`p P   DISTRIBUTION COMPANIES (29) \!}  S ~~)e)eG1?  ) PRODUCERS (4) FOREIGN SUPPLIERS (3) L* 6   S ~~)e)eGf1?0  G CAPTIV COSTUMERS 3   # l )e)eG1?   WHOLESALE SUPPLIERS (48)<   3 r )e)e 1?  HREGULATET MARKETf   # l8 )e)e 1?1t  OCOMPETITIVE FREE MARKETfXB   0DԔP@ PXB  0DԔ  XB  0DԔP ` P XB  0DԔ` p XB  0DԔ XB  0DԔpPpXB  0DԔ H  0޽h ? f33 0 ME@(  %  Z  1? c 5DOMESTIC COMSUMPTION AND SOURCES history and forecast,6!ff5 x  <A X?? 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