Rompetrol Rafinare (Rompetrol Refining – RRC), the main company of the Rompetrol group, controlled by KazMunaiGaz and run by businessman Dinu Patriciu, intends to take part in a share capital increase for Rompetrol Downstream and for Rompetrol Petrochemicals, which it controls, by 883 million RON (210 million euros), by converting debt owed by RRC to its two subsidiaries. This is impressive in terms of value, considering that Rompetrol Rafinare is valued at 928 million RON (220 million euros) on the Stock Exchange. Rompetrol Rafinare controls the two subsidiaries almost entirely. Rompetrol representatives did not explain where the debt to be swapped for equity came from or what the purpose of this move was. Rompetrol Rafinare in turn has over 750 million euros in debt, according to reports released at the end of March, with 571 million euros being accounted for by convertible bonds held by the Romanian state, which mature in September 2010.
ZF English
Rompetrol Rafinare to invest 200m euros in subsidiaries
Rompetrol Rafinare (Rompetrol Refining - RRC), the main company of the Rompetrol group, controlled by KazMunaiGaz and run by businessman Dinu Patriciu, intends to take part in a share capital increase for Rompetrol Downstream and for Rompetrol Petrochemicals, which it controls, by 883 million RON (210 million euros), by converting debt owed by RRC to its two subsidiaries.