- Italy: The Italian government is planning a "very ambitious" privatisation project as part of its "Economic and Financial Programming Document" (EFPD), a document that is usually published at the end of the year and which sets out the main budget guidelines in Italy. The government is planning to sell off most state assets in 2002 and 2003. These privatisations are expected to bring in a total of EUR 20 bn, indicates the EFPD. The main operation will involve the sale of a 37.58% share in the electricity group ENEL, of which the State has a current share of 68.26%, through its Department for the Economy. As well as ENEL, there is also the question of the privatisation of the ALITALIA airline, of which the State holds a 62.39% share. The government, however, intends to maintain a minimum holding of 30% in ENEL and ALITALIA, explains the EFPD. The project is also planning on the privatisation of TERNA, an ENEL subsidiary that manages the national grid in Italy. This transaction will accompany the sale of GRTN, the public company responsible for managing the electrical power system in the country. Italy is also planning on adopting a draft law to revise the regulation in the energy sector and put limits on the large public monopolies such as ENI and ENEL from benefiting from buy outs in the liberalisation process. ENI is therefore going to have to reduce over the three-year period after the entry into force of the law, its share in SNAM RETE GAS, for example, to a maximum of 10%, from its current 59.76% holding. ENEL will be obliged to do likewise for its stake in the Italian national grid. - Spain: the Head of the Spanish government José Maria Aznar is aiming to privatise the Spanish railways. In 2000, the government launched a vast 7-year plan to modernise the Spanish railway network. This project will involve the construction of 7,200 kilometres of high-speed train lines. The last Spanish government privatisation was the IBERIA airline in 2001. - Greece: the Greek government has placed another 10% - 15% share of the of Greek electricity company, DEH on the stock market, a16.1% share was already put n the market last December. The State is prepared to sell up to 49% of its stake in DEH, which currently controls 97% of the production and 100% of the distribution of electricity in Greece. It is also looking for a "strategic investor" to take over 30% of the natural gas company DEPA. - Russia: the Russian group LUKOIL and British concern ROTCH ENERGYn have put in a joint take-over offer of GDANSK REFINERY, the public holding company that is responsible for monitoring privatisation of the Polish energy sector. ROTCH is aiming for a 51% share and LUKOIL, 49% of the consortium's 75% share of the Polish refinery. - Japan: the Japanese Parliament has adopted two draft laws that will open up the post office to competition. From 1 April 2003, a public body will exist to manage the post, post office savings and life insurance, which are currently managed by the State, while waiting to sell them to the private sector. This initiative is full of real opportunities for foreign investors. In effect, there is a great number of Japanese people who have saving accounts with the post office, which adds up to a total amount of Yen 250,000 bn (USD 2,100 bn), effectively the largest "bank" in the world. - Jordan: the Jordanian government is going to sell its shares in seven public sector companies this year for USD 1.3 bn. It will therefore be selling 26% of its stake in the ARAB POTASH COMPANY over the next two months. German company KALI UND SALZ, Japanese firm MITSUBISHI and the Canadian company POTASH CORPORATION are interested in the offer. The same goes for 40% of JORDAN PHOSPHATES MINES COMPANY in August. By the end of the year, 10 and 15% of 51% of its shares in JORDAN TELECOM will also be sold. By the beginning of 2003, 60% of electricity production, 100% distribution and 55% of the electricity company in the province of Irbid will be sold to private bidders.