Rompetrol Rafinare Constanţa (RRC), the company owningPetromidia refinery, is likely to increase its share capital byover 1bn euros, with the Kazakh shareholders in the refinery beingdetermined to go ahead with the plan to convert into shares thebonds that were not bought back from the state, worth around 517meuros.
Moreover, the Kazakhs proposed that the company's currentshareholders should be able to subscribe a sum equalling the bondsto be converted into shares. Rompetrol Group, 100% owned byKazMunaiGaz, controls over 98% in Rompetrol Rafinare throughdifferent entities.
This means that should the Kazakhs in their turn subscribe 500meuros in the capital increase, the state will not only be aminority shareholder in Petromidia, but it will also hold a stakebelow 33%.
Finance Minister Sebastian Vlădescu last Thursday stated the statedoes not want to become a minority shareholder in Petromidia and itwould insist that Rompetrol pays its entire 570m-euro debt, even ininstalments. On the other hand, the Kazakhs say they paid 54m eurosand for the rest of the sum will give the state refineryshares.
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