KazMunayGas Unable To Pay RON2.4B Debt To Romania’s Budget

The company is currently negotiating solutions with the local government, according to Grigoriev.

He said the debt cannot be paid without external support, perhaps through an intergovernmental agreement, while another solution would be to restructure the debt over three-four years.

The Rompetrol group should reimburse 2.4 billion lei (EUR1=RON4.1430), or 0.47% of the gross domestic product, owed historically by the Petromidia refinery following a bond issue from 2003.

Bolojan: Întărirea flancului estic NATO, de la Marea Baltică la Marea Neagră, o prioritate

23:08

Ilie Bolojan anunță că România nu va dubla cheltuielile de apărare

23:06

The money owed by Rompetrol has been included in the state budget as entirely collectible in 2010, but the government expects the sum collected to be half of what is owed, according to Romania’s 2009-2012 draft convergence program, written in February 2010.

In October 2003, the Romanian government issued an ordinance turning Rompetrol’s $603 million budget debt, due on September 30, 2003, into seven-year bonds.