PM Emil Boc says Romanian state will recover Rompetrol debt in court. Statement comes as Rompetrol Rafinare shareholders decided state would control 44.69% of company shares

Romanian PM Emil Boc said on Friday the Government would challenge a decision by Rompetrol to turn debts to the state into state shares in the company, a decision by which the Finance Ministry becomes a shareholder in Rompetrol Rafinare refinery. Boc said the Rompetrol’s debts to the Romanian state, amounting to over 500 million euro, will be recovered in court.

The statement comes as Rompetrol Rafinare shareholders decided in a meeting on Thursday to convert debts to the state into shares and an increase of the social capital of the company. The Romanian state represented by the Finance Ministry would thus hold 44.69% of Rompetrol Rafinare shares, valued at 1.97 billion lei.

That comes despite the Finance Ministry has urged Rompetrol to pay the debt in full by the deadline of September 30. Rompetrol Group would retain 42.4% of shares, valued at 1.87 billion lei, while 12.8% belong to other shareholders.