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December 6, 2021

Rompetrol might take a loan to repay its debt to the Romanian state

The Rompetrol group might issue bonds or take a loan if it reaches an agreement with the government on repaying its debt to the Romanian state, the Chairman of the group, Tolegen Bozzhanov announced in Almaty, quoted by Bloomberg and HotNews.ro. Last January, the company offered to repay part of a debt worth EUR 515 M to the Romanian state and use the remainder for revamping the Petromidia refinery.
Rompetrol paid EUR 54 M last year to the account of this debt, but Rompetrol Rafinare stockholders approved in the General Meeting of Shareholders (AGA) of September 30 the conversion into shares of the bonds which the company failed to repurchase from the state. Following the conversion, the Romanian state will hold – through the Finance Ministry – a stake of 44.69 pc (worth RON 1.97 bln) in the company. The state thus becomes shareholder in Rompetrol, through the Finance Ministry seeks the cash repayment of the debt that matured on September 30, 2010. The move leaves Rompetrol group with 42.4 pc of the shares, worth a total RON 1.87 bln, while 12.8 pc of the share capital will be held by other owners. The Romanian state however opposes this debt-to-stock scheme and authorities say that Rompetrol should either fully repay its debt, or convert the whole debt into shares. At the end of February, the head of the National Agency for Fiscal Administration (ANAF), Sorin Blejnar said it is unlikely for Romania to accept that Rompetrol Group repays only part of its debt.

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