Rompetrol Talks State Debt With Romanian Authorities

Rompetrol is holding talks with Romania’s Finance Ministry for a solution to the group’s historic state debt, since Romanian and Kazakh presidents Traian Basescu and Nursultan Nazarbayev agreed the issue would be solved amiably, the oil company said in a statement.

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Thus, according to the Rompetrol release, the company is working with the local Finance Ministry to find "mutually acceptable compromise solutions" for the situation.

It said that, in the first nine months, Rompetrol transferred some $1.2 billion to the local and central budgets in taxes, up 70% on the year-earlier period. Furthermore, company exports widened by 10%, to $774 million, which ranks Rompetrol third among local exporters in 2010.

Early December, president Basescu met in Astana with his Kazakh counterpart and said a Kazakh delegation would arrive to Bucharest in January to discuss the debt owed by oil company Rompetrol to the Romanian state budget.

Rompetrol Rafinare, owned by Dutch-based Rompetrol Group, was supposed to repay the Romanian authorities a historic debt of EUR570 million by September 30.

The debt was issued by Petromidia refinery in 2003 and was converted into seven-year bonds by government decision.

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