Tuesday, October 6, 2009

Romania names Florin Muntean as new Transgaz CEO

BUCHAREST, Oct 5 (Reuters) - Romania's economy minister, Adriean Videanu, said on Monday Florin Muntean had been appointed chief executive of state-owned gas pipeline operator Transgaz TGNM.BX.

Muntean, previously Transgaz CEO from 2005 to 2007, replaces Ioan Rus, said Videanu, without explanation.

Analysts said the move was a political appointment following a split in the ruling coalition last week, when leftist Social-Democrats left the government over a row for a ministerial post with Prime Minister Emil Boc's centrists.

Market impact was expected to be limited, they said.

Transgaz shares were up 1.3 percent at 153 lei at 1306 GMT, slightly above an 11-week low hit on Friday.

"This is a political position and people got used to see persons being changed frequently," said Carmen Arsene, senior analyst at UniCredit CAIB Securities in Bucharest.

Transgaz is a partner in the Nabucco gas pipeline project for which European Union governments and Turkey signed a transit agreement in July. (Reporting by Marius Zaharia; Editing by Dan Lalor)

No comments: