MOL Hungarian Oil and gas Rt has signed a letter of intent over the forthcoming privatization of the Romanian oil company SNP Petrom.

The Romanian government plans to sell of 33.34% of the firm, and called for an investor from within the industry who is willing to inject capital to raise its stake in the company to 51%.

MOL will only decide whether to submit a binding bid for Petrom once it has carried out complete due diligence at the Romanian company.

(BBJ 19.ix.03)