Rompetrol group, controlled by Kazakhstan's KazMunaiGaz, is in amuch more comfortable position in the talks with the state on therepayment of the 571m-euro bonds of Rompetrol Rafinare Petromidia,maturing in September, after taking over around 17% in RRC stock inthe past month from Stock Exchange investors for 66m euros. Thecomplete recovery of the loan provided by the state to RompetrolRafinare company in 2003 seems increasingly less likely, in thecontext where, with 100m euros, the Kazakhs can retain theirmajority stake in the refinery. Thus, even the scenario the FinanceMinistry published one week ago, stipulating the recovery of halfof the loan granted to Petromidia (around 285m euros) may notmaterialise. At present, the Kazakhs have come to own 93% inRompetrol Rafinare, a stake likely to rise once the tender offercarried out on the Bucharest Stock Exchange has been finalised.Before the offer, the situation was more complicated for theKazakhs, who owned just 76% in RRC and would have indeed needed toredeem at least half of the bonds held by the state to be sure theykeep control over the refinery.
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