KazMunayGas May Use Preemption Right Over Possible Romanian Stake In Rompetrol

„We haven’t yet signed a final document regarding the debt. If the state takes over shares in Rompetrol Rafinare, then we can buy them back, because we have preemption rights,” said Saduokhas Meraliyev, chief executive of Rompetrol.

Late June, Rompetrol Rafinare increased its share capital by approximately $100 million to repay part of its $603 million outstanding debt to the state.

Romanian Finance Minister Sebastian Vladescu said recently the state would own a 40% stake in Rompetrol Rafinare if the Kazakh company chooses to pay only $100 million of its debt.

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KazMunayGas last year started negotiations with several international lenders to ensure financing for its debt to Romania, which was converted into seven-year bonds by government decision in 2003.

However, Rompetrol said recently it won’t be able to repay its debt by the September deadline and a rescheduling may be required.

At around GMT0924 Monday, Rompetrol Rafinare shares traded down 0.15% at RON0.068 in Bucharest.