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Romania To Get Over 40% In Rompetrol If Debt Not Paid-Minister

Romania will gain a 40% stake in oil refinery Rompetrol Rafinare (RRC.RO) if Kazakhstan's KazMunaiGas chooses to repay only $100 million of a $684 million outstanding debt to the state, news agency Mediafax cites Finance Minister Sebastian Vladescu as saying Tuesday.
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Τρι, 29 Ιουνίου 2010 - 18:07
Romania will gain a 40% stake in oil refinery Rompetrol Rafinare (RRC.RO) if Kazakhstan 's KazMunaiGas chooses to repay only $100 million of a $684 million outstanding debt to the state, news agency Mediafax cites Finance Minister Sebastian Vladescu as saying Tuesday.

"If KazMunaiGas pays only $100 million, the state will own over 40% of Rompetrol's shares and the Kazakhs will remain majority stockholders," Vladescu said.

Earlier today, Vladescu told a news conference KazMunayGas recently offered to repay $100 million to Romania as part of a plan to write off its debt to the state.

"Under the law, the remaining amount will be converted into shares. I don't like it, but that's the law," Vladescu said.

In July last year, KazMunaiGas said it had started negotiations with several international lenders to ensure financing for its debt to Romania , which was converted into seven-year bonds in 2003.

Dimitri Grigoriev, chief financial officer of Rompetrol, recently said the company won't be able to repay its debt by the September deadline and a rescheduling may be required.

According to Vladescu, negotiations on a new payment schedule will likely be finalized by fall.

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