Rompetrol negotiates with the Romanian state share buyback

Rompetrol plans to repurchase this year the shares owned by the Romanian state in Petromidia refinery. Kazakhstan’s KazMunaiGaz is willing to negotiate a price and are already carrying talks with the Government. The state, through the Ministry of Economy, owns almost 45% of the shares, in account of a debt worth EUR 570mln, and became Rompetrol Rafinare shareholder after the bonds issued by Rompetrol in 2003 had been converted into shares. Rompetrol Group invested USD 1.3bn in the past 10 years to increase its annual production capacity at Petromidia. Investments in Romania could reach USD 600-700mln in the next 7-10 years. The Kazakhs plan to invest USD 200mln in expanding their network of fuel stations in Romania and other USD 100mln to bring Petromidia refinery back in the black.