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Romanian minister: We want Rompetrol pay its debt in cash, not shares

de V.O.
Joi, 26 august 2010, 15:23 English | Business

Romanian Finance minister Sebastian Vladescu has said in an interview for Bloomberg that Romania wanted Rompetrol to pay its debt in cash, not in shares. Vladescu showed availability to negotiate a postponement beyond September 30 of a deadline for the payment if the debt. Rompetrol had announced it would pay a maximum of 100 million dollars in cash from its total USD 600 million debt to the Romanian state, willing to convert the rest into shares.

The Romanian state was open to negotiations but did was not interested in becoming a shareholder in Rompetrol again and even less so a minority shareholder.

The updated value of Rompetrol-controlled Petromidia debt to the Romanian state, which was taken over by KazMunayGaz after it bought the Romanian oil group from Romanian businessman Dinu Patriciu, amounts to USD 600 million with a payment deadline on September 30.

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