The upgrade plan has a total value of EUR70 million and it will be subject to shareholder approval on April 18, according to a Rafo release posted on the Bucharest Stock Exchange.
Another item on the meeting agenda refers to the commencement of negotiations with EximBank, for a guarantee scheme worth up to EUR50 million.
One year ago, Rafo announced plans to take out a loan worth EUR80 million, using state guarantees or its assets. The loan targeted upgrades.
The company is 96.5% owned by Petrochemical Holding.
Rafo shares were last traded Tuesday on the Bucharest bourse, at RON1.1 per unit, down 1.8% on the day. (EUR1=RON4.3608)