The Government ratified the Decision concerning the Rompetrol Memorandum
Source: Rompetrol

As Romanian Prime Minister, Victor Ponta, announced, the Government eventually approved the Decision supporting the memorandum with Rompetrol signed last February 15 at Bucharest. Through this resolution, the litigations between the Ministry of Finance and The Rompetrol Group N.V. end in an amicable and mutually advantageous way, according to a Government informing.

‘Also, The Rompetrol Group N.V. makes a firm commitment to acquire a certain number of shares issued by ‘Rompetrol Refinery’ S.A. Constanta Company, representing 26.6959 percent of the shares, for 200 million US dollar and the correlative obligation of the Romanian party to put on sale these shares.’ is mentioned by the same source.

At the same time, the resolution sets the terms and principles on the basis of which there will be established an investment fund in the energy sector as a joint-stock company where Rompetrol will bring 150 million dollar for its share of 80 percent of the capital, the remaining 20 percent being allocated to the Romanian state, as Govnet explained earlier.

On the other hand, Romania is compelled to keep an 18 percent participation in Rompetrol Refinery stake for three years – the difference between the entire stake the state has and the percentage of the social capital (about 26.7 percent) which will be subject of the privatization procedure in which Rompetrol Group will engage in.

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