Romania plans to put up for sale a26.7% stake in oil
refiner Rompetrol Rafinare for at least $200 million (176 million
euro),the energy ministry said on Thursday.
Rompetrol Rafinare isthe
core asset of Netherlands-based KMG International NV, which is fully owned by
Kazakh state-owned energy company KazMunaiGaz Group.
Romania's government
plans to sell thestakevia a tender, in which KMG International will have a
pre-emption right, according to adraft government decision published on the
energy ministry's website.
KMG International, formerly Rompetrol Group,
owns 48.1% of Rompetrol Rafinare and the Romanian government controls
44.7%.
Rompetrol Rafinare operates the Petromidia refinery and the much
smaller Vega refinery.Through its two refineries, Rompetrol Rafinare accounts
for over 40% of Romania'srefining capacity and is the only producer of polymers
in the country.
In 2013, the Romanian government and Rompetrol Group
signed a memorandum according to which Rompetrol Group would purchase a 26.7%
stake in Rompetrol Rafinare from the Romanian state for $200 million in cash
with $175 million representing the price of the shares, and another $25 million
representing the agreed premium for the absolute voting majority to be acquired
by Rompetrol Group.
As a result, Romania's interest in the company would be
reduced to 18%, which as per the memorandum, cannot by transferred, nor diluted
in the next three years. Following the three-year lock-up period, the state
would be able to launch a new privatisation procedure in order to sell the
stake. Rompetrol Group would hold "at all times a pre-emption right" for the
remaining shares.