Kazakhs now want the state's stock in Petromidia

The Kazakh shareholders in Rompetrol group are willing to negotiate with the Romanian state on the repurchase of the 44.6% stake in Rompetrol Rafinare (RRC)-Petromidia they ceded to the state last week as payment for the 517m-euro debts unsettled by September 30.

The Kazakhs are virtually saying they want to pay cash for the stock to the state, after in recent months they have maintained they did not have money to entirely buy back the bonds, because of Petromidia losses.
The state, which at no time wanted to become a shareholder in Petromidia again, is likely to recover less from the sale of the shares, as the company has been loss-making over the past years. The government has announced it would challenge the decision to convert bonds into shares in court.
“The Romanian state will challenge in court all the actions of Rompetrol breaching current Romanian regulations and will recoup these sums in court,” Prime Minister Emil Boc stated on Friday.