Petromidia mortgages petrol stations

Rompetrol Rafinare-Petromidia, a company belonging to the Rompetrol Group, is to mortgage ten petrol stations and the land associated with them in order to secure a 24 million RON (6.6 million euro) loan granted from BRD-Groupe Societe Generale, which it will use to fund its day-to-day business. The company also plans to increase the credit facility from BRD for petroleum imports by Petromidia by 20 million dollars (16.5 million euros). This will be secured using the mortgages from the ten Rompetrol stations, as well as by liens on the imported petroleum stocks and the products made from imported petroleum. The proposals will be submitted to voting at the extraordinary general meeting of Rompetrol shareholders scheduled for November 15. Petromidia halted operations on October 1 in order to repair and upgrade its installations. The work is expected to last over one month and will involve the investment of 30 million dollars (25 million euros). ZF