The proposal is subject to shareholder approval at a meeting due August 1.
In April, the refinery’s shareholders rejected a proposal to attract EUR70 million in loans. At the same time, the stockholders cancelled an authorization to take out a EUR330 million loan guaranteed by the state.
Rafo Onesti is 96.5%-owned by Austrian Petrochemical Holding.
On the Bucharest bourse Thursday, Rafo shares closed at 0.5 lei (EUR0.112).