ZF English

Kazakhs only willing to pay 100m dollars of Petromidia debt in cash

13.07.2010, 23:11 5

Kazakh group KazMunaiGaz has officially informed the RomanianGovernment that it intends to pay only 100 million dollars in cash,of the nearly 600 million-euro (750 million-dollar) debt owed tothe Romanian state, with the rest to be converted into Rompetrolshares. The authorities are still seeking ways to get cash, evenvia an instalment payment of the debt over two or three years,official sources told ZF.
On the other hand, the Kazakhs say the state is bound to accepttheir offer, and that they will later seek to buy back the sharesthat the state will get in Petromidia by bond conversion.

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