The Authority for State Assets Recovery (AVAS) forwarded the Netherlands-based group a document certifying the end of the five-year, post-privatization supervision and that the investor has fulfilled all its contractual obligations.
Rompetrol took over Petromidia Refinery in February 2001 from the State Property Fund. The refinery, which is located on the Black Sea coast, later became known as Rompetrol Refinery.
“The group undertook a series of obligations and commitments, including investments of EUR 172.7 million in environmental and technological upgrades and capital share increases scheduled over a five-year period,” AVAS said. When privatized, Petromidia was an undercapitalized company, posting a turnover of EUR 219.6 million in 2000 and processing less than a million tons of crude annually. “Since then, the refinery has continued to improve its performance, and its turnover soared to EUR 1.65 billion in 2005 with an operational profit (EBITDA) of EUR 121.1 million, reaching the best results since the refinery was established more than 30 years ago,” said company representatives. Operational results have been maintained to date with refining capacity up to almost 4 million tons of crude per year and the goal set for the following two years is 5 million tons, stated the press release.
“Aside from modernization and bringing refining operations to profit, Rompetrol has also invested in restarting the petrochemicals plant whose operations were almost abandoned prior to privatization. All these are the result of a EUR 230.3 million investment program implemented in the last five years,” said company representatives.