The sale strategy of the part of state-owned shares in Rompetrol Rafinare S.A. Constanta  was approved Tuesday by the Government, headlines Mediafax. The minimum price for awarding the package was set at 200 million dollars. The sale will take place by auction and the mandated institution is the Ministry of Energy of Small and Medium Enterprises and Business Environment, as the administrator of the Romanian state actions.

The memorandum concluded on February 15 this year and approved by the Government by GD 35/2014, as amended, governing the general terms of a transaction between the Romanian and the Rompetrol Group (after March 6, 2014 titled KMG International N.V.), owned by KazMunayGas group, which is divided into four major components: a commitment of purchase from KMG International N.V. or an affiliated company a minority stake representing 26.6959% of the shares of Rompetrol Rafinare (RRC) at a minimum price of $ 200 million and a guarantee by the Romanian state holding an undiluted stake of 18% of the RRC share capital for a period of three years, setting up an investment fund as a limited company, which will invest in energy projects in Romania.

However, as a prerequisite for implementation of the transaction, all disputes will be lifted and the administrative measures initiated by the Ministry of Finance against RRC, after the conversion of the bonds into shares held by the Romanian state and unredeemed by RRC until the due date.