Romania has lost a lawsuit against Rompetrol, the country's second-largest oil group, over a EUR500 million debt, the group said Tuesday.
A court in Constanta, eastern Romania, ruled that Rompetrol had paid its debt.
The government, which hasn't commented on the ruling, has 15 days to appeal
Romania
has lost a lawsuit against Rompetrol, the country's second-largest oil
group, over a EUR500 million debt, the group said Tuesday.
A court in Constanta, eastern Romania, ruled that Rompetrol had paid its debt.
The government, which hasn't commented on the ruling, has 15 days to appeal.
In September 2010, Rompetrol announced it had converted into shares a debt
going back to 2003, giving the Romanian state a 44.69% stake in Rompetrol's
Petromidia refinery company.
The Romanian government, which was then facing a swelling pubic deficit, said
the decision was illegal and insisted on being paid back in cash.
On the bourse, the 44.69% stake now held by the state is worth about half of
the amount owed by Rompetrol.
Rompetrol is controlled by Kazakh oil company KazMunaiGas
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