It was reported on Wednesday that Faber Invest and Trade had become a significant shareholder in Rompetrol Rafinare (Petromidia), the largest company in the Rompetrol group. Through its purchasing activity on the stock market in recent weeks Faber Invest has now acquired 5% in Petromidia. No definite data on the market exist as to the identity of Faber's shareholders.
Last month, Faber acquired a 4.7% stake in Petromidia from SIF Transilvania, for which it paid 11 million euros. The transaction took place at a price of 550 ROL/share, lower than the stock quote at the time. Faber continued to acquire Petromidia stock from the stock market, thereby arriving at the 5% it now owns in the company that runs Romania's largest refinery. Faber's stake in Petromidia is worth 14.3 million euros on the market. The main shareholder in Petromidia is the Rompetrol group, which holds a stake of 64%.
According to information circulating on the market, Faber is linked with the entrepreneurs Marian and Octavian Iancu, and Ovidiu Tender. The Iancu brothers are the owners of VGB Oil, a company that deals in the foreign trade of oil products and which has worked with the Rafo Onesti refinery. Ovidiu Tender owns several companies dealing in energy equipment, a geological exploration company that serves the oil industry, and is a major shareholder in ARDAF insurance company.
The main shareholder in the Rompetrol group, Dinu Patriciu, entered into open conflict earlier this year with Marian Iancu and Tender. He accused them of attempting to blackmail him with the threat of releasing information about Rompetrol and the privatisation of Petromidia. Patriciu claimed they had planned to take control of Rompetrol through a merger with Rafo. Tender and Iancu rejected the charges.
When contacted by Ziarul Financiar, Ovidiu Tender said he had no ties with Faber Invest.
Market sources say Faber handles the export of oil products by Rafo Onesti to the North American market, in particular the United States, and that Marian Iancu was the chairman of the company. Marian Iancu could not be contacted, and his brother, Octavian Iancu, declined to comment on any possible ties with Faber.
Dinu Patriciu said, "I don't know what they are going to do with the 5%".
Petromidia shares have gained in strength in recent weeks, triggered by SIF Transilvania's sale of its entire stake.
After being floated on the market in April, Petromidia attracted the attention of foreign financial investors, who bought shares.
The company's turnover reached 31,714 billion ROL (773 million euros), 28% higher than for the first nine months of last year.
The rise in the oil price and implicitly in the fuel prices boosted the revenues of Rompetrol Rafinare, which has recently announced plans to enter the market of filling stations.
vlad.nicolaescu@zf.ro
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