Rompetrol Rafinare to up capital by $150m

Rompetrol Rafinare, the main company in the Rompetrol group, has endorsed a share capital increase by the company’s Board of Directors of up to $150 million within one year. The capital increase operation for Petromidia was part of the company’s privatisation contract. The company, which is currently listed on the Bucharest Stock Exchange, controls Petromidia, one of the largest refineries on the Romanian market, and, according plans announced by the parent group, will soon enter the fuel retailing market. These plans will see Rompetrol Downstream (operator of the group’s over 200 filling and fuel storage stations) become a 100% held subsidiary of Rompetrol Rafinare. This would simplify the group’s shareholding structure, as various companies in the group are currently cross-owned, creating a single entity for downstream operations on both regional and international petroleum markets. ZF