Moderate target for sell-offs

Revenues from privatizations should add up to 5.2 billion euros by the end of this year, as on top of last year?s 1.6 billion, the European Commission expects another 3.6 billion to come in the second half of the year.

With Russia?s Gazprom said to be in talks regarding the acquisition of public stakes in Public Gas Corporation (DEPA) and gas grid operator DESFA, revenues will come to 1.1 billion euros in the third quarter of 2012, the Commission report issued on Friday suggests. Another 2.5 billion is expected in Q4.

The target for state stake sales to fetch 50 billion euros remains in place, but over a longer period than originally planned for.

?Although just a few transactions [i.e. privatizations] have been completed to date, the mechanisms are gradually improving so as to secure a constant feed of property assets to the market,? says the report presented yesterday in Brussels.

The Commission acknowledges the delays in the last couple of quarters and goes on to predict more stalling in the process.

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