Rafo Onesti refinery exits insolvency

Brasov Court has decided to terminate the reorganization procedure at Rafo Onesti refinery (RAF), owned by the Russian businessman Iakov Goldovski. The company went insolvent in 2004.

The Authority for the Recovery of State Assets (AVAS) gave the company the green light in 2007 after it saw that the majority shareholder Petrochemical Holding

had complied with the investments assumed in the privatization contract.

The group paid all the refinery’s debts to the state budget, but had no money left for actual investments. As a result it is planning to contract a EUR 330 million loan using a state warranty.

Rafo Onesti increased its share capital by RON 173.52 million to RON 2.19 billion by issuing 69.4 million shares, according to a Bucharest Stock Exchange press release.

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After the capital injection,

the major shareholder Petrochemical Holding holds an 88.6 percent stake.

Last year, Rafo Onesti reported a RON 135 million turnover, 4.4 percent lower than in 2007.

Dana Ciuraru