Government adopted the memorandum agreed with Rompetrol. Romania will receive USD 200mln

The decision approving the Memorandum of Understanding agreed with Rompetrol was adopted on Wednesday by the Government, according to official sources quoted by Mediafax. At the end of Wednesday’s meeting, Government issued a communique showing that it had approved this decision by which disputes between the Ministry of Finance and The Rompetrol Group, pending before the courts, are amicably and mutually beneficially settled. Also, The Rompetrol Group firmly commits to acquire a number of shares issued by Rompetrol Rafinare Constanta, representing 29.6959% of the share capital, in exchange for USD 200mln, and the related obligation of the Romanian party to offer for sale these shares. At the same time, it regulates the principles on the establishment, organization and functioning of an investment fund in the energy sector, as a joint stock company in which the contribution of The Rompetrol Group will be of USD 150mln and a 80% stake, the Romanian state following to hold a 20% stake.