Kazakhs build up strategic position at Petromidia
Rompetrol Rafinare Constanţa (RRC), the company owning
Petromidia refinery, is likely to increase its share capital by
over 1bn euros, with the Kazakh shareholders in the refinery being
determined to go ahead with the plan to convert into shares the
bonds that were not bought back from the state, worth around 517m
euros.
Moreover, the Kazakhs proposed that the company's current
shareholders should be able to subscribe a sum equalling the bonds
to be converted into shares. Rompetrol Group, 100% owned by
KazMunaiGaz, controls over 98% in Rompetrol Rafinare through
different entities.
This means that should the Kazakhs in their turn subscribe 500m
euros in the capital increase, the state will not only be a
minority shareholder in Petromidia, but it will also hold a stake
below 33%.
Finance Minister Sebastian Vlădescu last Thursday stated the state
does not want to become a minority shareholder in Petromidia and it
would insist that Rompetrol pays its entire 570m-euro debt, even in
instalments. On the other hand, the Kazakhs say they paid 54m euros
and for the rest of the sum will give the state refinery
shares.