KazMunaiGaz, the state-held company that fully controlspetroleum group Rompetrol, fights back after the Romanian state hasfrozen the assets of Petromidia refinery and termed as illegal thepartial payment of the 571 million-euro debt and the conversioninto shares of the remaining debt.
The Kazakhs say they have come up with several proposals to solvethe issue of the debts due in September this year, but have neverbeen given a firm answer by the Bucharest authorities. Moreover,the company says the buyback of shares from the Romanian state,which has now come to control over 44% of Rompetrol Rafinare is acompromise that KazMunaiGaz is making, and by no means anobligation.
"When we first started the talks s at the beginning of the year wethought that we would have a nice partnership. After certain moves,such as the seizure of assets, it's difficult to have thispartnership, with the Romanian state in our refinery. That's why weare coming with the proposal to make a buyback if they keep thisattitude," says Dmitry Grigoryev, Rompetrol group's chief financialofficer.
Moreover, the Rompetrol representative warns, "The currentsituation could ultimately escalate into a diplomaticconflict."
On the other hand, although the state said it would challenge thedecision made by the Kazakhs on the partial buy-back of bonds,citing as a reason the fact that legally they were not allowed topay only part of the 571 million-euro debt, no concrete measure hasbeen taken so far, beyond threats.
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