Balkan Petroleum Company (BKP) is very likely to receive a fine representing 100% of the sum paid for the majority stock of Rafo Onesti refinery due to the changing of the cessionary contract, the president of the Authority for State Assets Recovery Razvan Orasanu announced.
The changing cessionary contract regarding the majority stock of the RAFO between the BKP and Calder-A has to be signed by a third party, the Authority for State Assets Recovery, according to a contract between BKP and AVAS. It lacks the third signature, hence the BkP is likely to receive a fine from the AVAS.
In July 2005, the Calder-A and BkP signed the contract of transferring the cession of the RAFO stocks held by BkP. AVAS, however, did not endorse this trade as Calder-A refused to submit the necessary papers regarding its share holders.
The shareholding of the Calder-A is a very complicated one, made up of Austrian companies and NGOs.
By the end of this year, RAFO must clarify its reorganisation process. The refinery may declare the bankruptcy. The total debts reach 172 million Euros. In 2005, the loss amounted to almost 5 000 Euros, down 60% than in 2004.