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November 14, 2019
BUSINESS

KMG International: Procurement procedure of 26.69 pct of Rompetrol Rafinare shares could last 10 months

The procurement procedure of 26.69 percent of the Rompetrol Rafinare shares could extend on a 10-month period, said on Tuesday Azamat Zhangulov, Senior Vice-President with KMG International (photo) , who announced that he held information that the strategy has already been endorsed by the Government.

The process of selling shares held by the Government, representing a 26.69 percent package of the company, under the administration of the Ministry of Energy through a special agency, should accomplish certain steps… From what we know, at the moment, things evolve and, from what we’ve heard from the Government, the procurement strategy has already been endorsed and started, it only would take some time. According to the Romanian legislation, certain loan-loss provisions should be fulfilled, which could take up to 10 months, as the ministry told us. We, the company were prepared to take over those shares from the moment of the Memorandum’s signing, when we have promised to purchase the shares immediately this was possible. The entire process was meant to observe the Romanian legislation as regards the privatizations through public auction, an auction that we should participate in, on Tuesday said Azamat Zhangulov, at the Parliament Palace.

Likewise, he stated that, according to the agreement, the setting up of the investments fund is the very next step to shares’ procurement.

So, the procurement should precede the fund’s foundation. We are having talks with the ministry and the Government to expedite procedures and launch the fund earlier, because we are interested and willing to launch the fund as soon as possible. But the ministry is to take certain measures, said Zhangulov.

The Energy minister, Andrei Gerea said in his turn that the state is ready to sell the 26 percent participation in Rompetrol Rafinare to the Kazakhs, but underlined that ‘the procedure will begin’ and will be announced by the end of the month.

‘We are ready to sell the shares held by the Gov’t . The procedure is to start. We have a memorandum in force that will complete at the end of this month and this procedure, with all that it means, will need rd 10 months. The Romanian state is determined to put on sale the roughly 27 percent stake. The procedure will take 10 months,’ said Gerea, according to Agerpres.

 

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