Government to grant facilities to Petromidia

Romanian Government approved an emergency ordinance that amends EO no. 64/1998, granting Petromidia Constanta payment facilities for shares and debts to the state budget, with a view to privatisation.

The privatisation agreement for Petromidia refinery was signed at the beginning of November between SOF (State Ownership Fund) and Rompetrol Group BV Rotterdam, in a transaction valued at 615 million dollars.

SOF sold the 69.991% stake for the sum of 50.517 million dollars, that is for two dollars per share. Rompetrol pledged to invest 205 million dollars over the next five years in upgrading technological equipment and restarting the petrochemical sector, as well as another 20 million dollars in environment protection. Mediafax