Romanian Rafo wants EUR 70 mln loan for modernization

Rafo Oneşti Refinery wants a EUR 70 million loan from its majority shareholder Petrochemical Holding Austria and from banks, to modernize equipment. The modernization plan needs the company's shareholders' approval in the April 18 meeting. Another proposal for the shareholders features a EUR 50 million guarantee scheme from EximBank. A year ago, Rafo announced plans for a EUR 80 million loan, either guaranteed by the state, or through the refinery's assets, also for modernization investments. Rafo is listed on the Bucharest Stock Exchange, where its shares are trading at RON 1.1 per share, which gives it a market capitalization of some EUR 220 million. editor@romania-insider.com