Kazakhstan Chamber of Commerce in the USA

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Rompetrol completes debt-for-equity swap of subsidiary 0

Posted on October 31, 2011 by Alex

Rompetrol Rafinare (RRC), a subsidiary of the Rompetrol Group owned by KazMunaiGas, concluded the conversion of EUR570-million debt into equity, ending a long  row over the repayment of the debt owed to the Romanian government.  With the conversion, the  Romanian  government will have a 44.7% stake in RRC.  The government has not yet announced a decision on what it plans to do with the stake but  KazMunaiGas is reportedly willing to negotiate its purchase.

New Smart Energy Ltd, a Kazakh alternative energy company, plans to invest $100 million to construct a 45-MW wind farm in the Akmola Region.

SOURCE: SRI, Kazakhstan Daily News Brief, dated 24 October, 2011, available at http://silkroadintelligencer.com/wp-content/files/srikznewsbrief_oct24_2011.pdf



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