“In our opinion, we have resolved all our outstanding issues with the Romanian state. In the event of a public auction [for the stake], we will not pay anything over $200 million,” Zhangulov told a news conference.
Earlier this month, the Romanian government approved a memorandum of understanding with Rompetrol, under which the latter has agreed to buy back 26.69% in Rompetrol Rafinare in exchange for $200 million.
However, the country’s antitrust council warned the government must organize a public auction to sell its shares in the refinery in order to comply with the competition norms.
Rompetrol Rafinare is 55.31%-owned by Rompetrol, while the Romanian industry privatization office OPSPI owns a 44.69% stake.
Romania’s memorandum of understanding with Rompetrol also stipulates the creation of a $1 billion joint investment fund, mostly financed by the oil company.