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May 12, 2021

Gerea: Romania could sell Rompetrol Rafinare shares to KMG

Romania seeks to finalize by mid-2016 the sale of a package of shares belonging to Rompetrol Rafinare, the country’s largest refinery, majority shareholder KMG International NV being the only potential buyer, Energy Minister Andrei Gerea stated for Bloomberg.
The Government wants to obtain at least USD 200 M from the sale of 26.7 per cent of Rompetrol Rafinare shares, and the tender will be organized in line with EU regulations, after the two sides signed a memorandum on the sale of the shares in 2013. The Government also plans to help KMG set up an investment fund, in the next nine months, in order to finance its projects in Romania, Gerea stated in an interview on Monday in Bucharest. The state plans to keep 18 per cent of Rompetrol Rafinare shares after the tender.
“KMG is very interested in expanding its business in Romania and in creating an investment fund,” the Romanian official explained.
On the other hand, KMG International Senior Vice President Azamat Zhangulov stated in September that KMG International representatives are determined to honour their commitments toward the Romanian state in what concerns Rompetrol Rafinare, and the privatization of 26.69 per cent of the refinery based in Petromidia could take place in the first part of next year, Agerpres informs.

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