* The state and the Bucharest Stock Exchange can't afford a failure of the Romgaz IPO

* Even though Sobolewski argued for the listing of Romgaz only in Romania, the authorities aren't considering this option

* One chance would be resorting to the savings of the population, but so far, the Bucharest Stock Exchange has proven unable to mobilize them

The listing of Romgaz, the largest natural gas producer in Romania, is crucial for the future offers scheduled by the Romanian state, meaning that the Romanian authorities can't afford any misstep at the moment.

Local brokers, and more recently, the Bucharest Stock Exchange, through the resolute voice of the new CEO Ludwik Sobolewski, are pressing for the IPO of Romgaz to be kept in Bucharest only.

However, the government has more complex considerations to make then just satisfying the stock market community. He must also ensure the premises for conducting the public offers agreed with the IMF for next year, to get as much money as possible from the entire privatization program and to stimulate the financing through the stock market for the economy to stop being entirely dependent on banks.

* Sobolewski made the audience go silent, but what does that silence mean?

The new Polish CEO of the Bucharest Stock Exchange put on a show at the meeting he had last week with the representatives of the Department for Energy and with those of Goldman Sachs, which will intermediate the IPO of Romgaz, scheduled for this autumn.

Militating for the listing of the natural gas producer exclusively on the BSE, from a position of strength, Sobolewski sparked the admiration of the entire market community.

Brokers are worried that through a dual listing, as proposed by the intermediary and as the state seems to hint it likes it, the local stock market would be left without "blood", which woul