The Romanian state did not have any say in the sale of theRompetrol group, built by businessman Dinu Patriciu around thePetromidia refinery, to the Kazakh state-held company KazMunaiGaz,a deal which made Patriciu the wealthiest man in Romania, althoughit has 571 million euros in debt to recover from RompetrolRafinare.
At present the state is not sure the KazMunaiGaz group will pay the571 million euros, and could become a shareholder of Petromidiaagain, at a time when it badly needs cash. The Government expectsto collect only half the amount due this year, i.e. around 285million euros, given the company's lack of cash, according toRomania's convergence programme for 2009-2012. For the rest of theamount, Romania could receive shares in Rompetrol Rafinare.
Some market experts say that in such transactions the creditor'sapproval is not necessary, with the Romanian state not beingdirectly involved in the transaction, while others say imposingcertain conditions would have been a smart move.
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