The Rompetrol Group debt situation to be decided by September 30

Newsroom 13/07/2010 | 16:29

A decision on the debt situation of The Rompetrol Group is expected by September 30, said Saduokhas Meraliyev, Rompetrol Group CEO. The company has EUR 571 million debts to the state. According to Meraliyev, there are two options to settle this situation with the Finance Ministry.

“We have the option to pay all our debt or to convert the debt into shares. The final understanding with the Ministry is not concluded. Our most recent meeting with the Romanian representatives was some three weeks ago. This is when we have transmitted our preliminary offer,” said Meraliyev.

The company has increased its share capital with USD 100 million. As stated by The Rompetrol Group CEO, in case the debt is transformed into shares the company will want to acquire them as the company will have a pre-emption right.

The oil company’s CEO said the company will keep focusing on modernizing its assets. It plans to invest USD 250 million his year.

Dana Ciuraru

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