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February 9, 2023

Rompetrol debt may be paid in instalments

The Romanian President, Traian Basescu, will meet his Khazar counterpart, Nursultan Nazarbaev, in January, to discuss the portioning of Rompetrol’s debt. Basescu stated, on the national television, that he had, recently, proposed to the Khazar president portioning the debt in fixed instalments, to be paid in two years’ time, aware that Rompetrol is facing difficulties at present, owing to the financial crisis.

“In January we will send a commission to discuss the portioning and to obtain a firm commitment that KazMunaiGaz will pay the debt, without following the models which I see Mr. Patriciu is trying, even now, to promote,” Basescu stated, quoted by Mediafax. “We are referring to the USD 580 M which the Romanian state was entitled to receive, we’re not referring to the value of shares. The USD 580 M can also be paid in shares, if we so decide, but these would have to cover the equivalent value of USD 580 at the return date,” Traian Basescu underlined. According to the latter, the Romanian state may accept any viable solution.

“The Romanian state can accept any form of payment, but not in shares, as Mr. Patriciu is trying to persuade us – there are still a number of mutual obligations to meet – he is trying to depreciate the value of Rompetrol shares at the date he sold the company, which is to say the Romanian state would only be entitled to receive approximately USD 250-300. But it’s not Patriciu we’re discussing here,” Basescu added.

On December 3, at the meeting in Astana with the president of the Republic of Kazakhstan, Nursultan Nazarbaev, Traian Basescu asked for the integral payment of Rompetrol-Rafinare’s debt to the Romanian state. The National Tax Administration Agency (ANAF) instituted, on September 10, a precautionary sequestration on a number of fields and installations owned by Rompetrol Rafinare, as well as on shares in its subsidies, to prevent the alienation of the assets in question, given that the company has to pay a long-standing debt, representing mature bonds. At the beginning of October, the director general of KazMunaiGaz, Kairgeldi Kabildin, stated he intended to reach an agreement with the Romanian state regarding the Rompetrol Group debt, by the end of the year.

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