Rompetrol doesn’t owe the Romanian state “a penny”, says CFO Grigoryev

Rompetrol Group doesn’t owe the Romanian state “a penny”  and is currently in negotiations to repurchase shares at a “market price”, according to Dmitry Grigoryev, Chief Financial Officer at Rompetrol Group (in picture).

“Rompetrol’ situation is quite delicate. The number of shares that is listed, of about 1 percent, can’t show the real market value. We’ll seek a solution that will satisfy both sides”, said Dmitry Grigoryev.

Rompetrol was supposed to pay USD 600 million debt to the Romanian state, but the group paid only USD 70 million so far, according to public reports. Romania, through the Ministry of Finance, was officially registered last week as a minority shareholder in Rompetrol Rafinare (symbol RRC), holding 44.6 percent of the company.

The state re-become shareholder in the company after its shareholders failed to redeem a convertible hybrid held by the Govt on account of a historic debt.

Rompetrol Group, owned by KazMunaiGaz, posted a net profit of USD 900,000 in the first quarter of the year, after posting losses in the last three years. Its turnover during this period reached USD 2 billion, up 29 percent.

Irina Popescu, [email protected]

(photo source: Rompetrol)