Romania's Rompetrol Rafinare Constanta will pay USD 200 million to the Romanian government for a package of 26 percent of Petromidia stock. The announcement will be made in September, with the deal happening most likely in October.
The state and Rompetrol Group signed a memorandum that the company controlled by KazMunaiGas will be able to buy 26.69 percent of Petromidia, the largest refinery in the country.
However, in order to comply with European legislation, the Romanian state will have to organise an international auction to sell the stock, even if it is not very likely another investor will appear.
“We haven’t head of any arab funds or any other investment funds to be interested in this stock. If there are serious interested funds they will have to ask us for information given that we are majority shareholder, but so far that hasn’t happened. I repet, we are offering USD 200 million dollar and any interested investor will have to top our offer (…) If other funds are willing to pay USD 200 million, we will not renegotiate or raise the offer “, according to Azamat Zhangulov reports Business Review Romania.