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July 2, 2022

Ion Sturza: Nobody will succeed to do another deal like Rompetrol takeover

The takeover of Rompetrol by KazMunaiGaz, the biggest private deal in Romania, with a value of 13.5 times EBITDA of the company, depended on one person: the interpreter of the two parties, Ion Sturza, former Premier of the Republic of Moldova, and still deputy manager of Rompetrol, Money Channel informs. Now, two years after the takeover, the Kazakhs will capitalize Rompetrol by EUR 1.5 bln, from which the first tranche of 500 M has already come, and one billion will follow in a few months. “We have sold Rompetrol for 13.5 times EBITDA. This was the world record, and it will never repeat. This was the last transaction at world level made at such a quotation, and it was absolutely fair in the conditions from that time. Now it is sold at 1-1.5 times EBITDA. Some say that the deal was over-evaluated. This was the payment in order to join the European Union and on a developing market, that the Kazakhs, perfectly aware of what we deliver, paid. And if they paid… we have taken,” tells Ion Sturza, who is going to leave Rompetrol management at the end of this month. “I want to clarify this aspect: I left the management of Rompetrol, but not the affairs with Rompetrol. I leave Rompetrol management, remaining however a partner in a few projects, and even a shareholder in a few small companies, a minority shareholder, for example in Rompetrol Moldova,” he explained in an interview given to The Money Channel.

Dinu Patriciu’s questioning in “Rompetrol” file deferred

Yesterday, the magistrates of Bucharest Tribunal deferred for September 16 the questioning of the businessman Dinu Patriciu in “Rompetrol” file, because one of the defendants, Victor Eros, could not come, being gone abroad, Agerpres informs. The magistrates stressed that they will question Patriciu alone on September 16, even if other defendants or their defenders will miss. Dinu Patriciu went to Bucharest Tribunal at the hearing scheduled yesterday, but did not give declarations to the media. The prosecutors finalized on September 8, 2006 the criminal pursuit in Rompetrol file, namely the segment referring to Libya receivables and the manipulation of the capital market, and they sent to court the businessman Dinu Patriciu for seven counts. Patriciu is judged for initiation of an organized crime group, money laundering in aggravated form, association in view of perpetration of offences, deception, embezzlement, disclosure of secret information.

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