CAPITAL: BUCHAREST
MONETARY UNIT: LEU
REFINING CAPACITY: 504,037 BC/D
OIL PRODUCTION: 122,600 B/D
OIL RESERVES: 1.4 MILLION BBL
GAS RESERVES: 13 TCF
Romania sold its 69.9% stake in Petromidia SA, a petrochemical complex including the country's biggest refinery, for the third time in 3 years. The refinery was rated at 105,000 b/d.
The buyer was Rompetrol Group BV Rotterdam, a Romanian oil company registered in The Netherlands.
The State Ownership Fund said Rompetrol agreed to pay $50.51 million and invest $225 million to upgrade the plant's facilities over 5 years. It also agreed to assume Petromidia's $340 million in debt.
In February 1998, Romania had canceled Petromidia's sale to a group of US investors, saying they couldn't pay the $400 million they pledged. In mid-1999, Romania canceled Petromidia's sale to Turkey's Akmaya ve Sanayi Ticaret SA, after it failed to pay $239 million for the plant.
The 105,000-b/cd refinery was Romania's only supplier of jet fuel. Rompetrol agreed to refine 2.75 million tonnes/year at Petromidia and keep employment above 3,500. It would also upgrade facilities for making petrochemical products such as ethylene and propylene.
Founded in 1974, Rompetrol was sold to private owners in 1994. Rompetrol, which also bought Vega SA, a smaller Romanian refinery, was majority owned by two international foundations, each with 40%, the Romania-Moldova Direct Fund investment fund 15% and company management 5%.
