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Jurnalul.ro Vechiul site Old site English Version KazMunai Wants A Deal With Govt On Old Debt

KazMunai Wants A Deal With Govt On Old Debt

07 Oct 2010   •   00:00

The Kazakh group KazMunaiGaz (KMG) plans to strike a deal with the Romanian state by the end of the year, on the issue of the debt Rompetrol Group owes state coffers, the KMG general director Kairgeldi Kabildin told Bloomberg.

In late September KazMunaiGaz decided to convert into shares the bonds Rompetrol issued in 2003 which were not paid back to the state.
Thus the Romanian state became once again a shareholder in Rompetrol Rafinare (RRC), with 44.69% of the share capital din capital.

But the Romanian Government does not agree with the KMG move.
PM Emil Boc said the state would take Rompetrol to court to get back all the money the company owes state coffers. "What they did was illegal," Boc said last week.

Rompetrol Group should have paid back the state by end September 516 million Euro (670 million USD) on account of the debt Petromidia oil refinery owed the state when it issued bonds in 2003.

In August the company bought back some of the bonds it issued to the state, namely the equivalent of 54 million Euro.
Translated by AAP

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