Rompetrol to issue shares for petchems

Looks like Romania's Rompetrol is doing a big, new, share capital release in order to fund petrochemical developments. According to seenews.com, the group wants to raise E58.9m for petchems. Here are some exerpts from the story:

"Rompetrol Rafinare (RRC), the operator of the Petromidia refinery, the most important asset of the Rompetrol group, controlled by Kazakh state-owned KazMunaiGaz oil and gas company, will increase the share capitals of its Rompetrol Downstream and Rompetrol Petrochemicals subsidiaries by RON 630 million (€146.5 mln), and RON 253.3 mln (€58.9 mln), respectively, through the compensation of some receivables, for the supporting of their development plans.

In order to carry out this plan, Rompetrol Rafinare will convene Extraordinary General Shareholders Meetings on 24 and 27 July 2009.

The two debts that Rompetrol Rafinare must recover from its subsidiaries are exact, liquid, and subject to demand, and share capital increases will be made through the issuance of new share parts, according to the current report sent by Petromidia officials to the Bucharest Stock Exchange (BVB)."

Whilst on the Rompetrol site I came across these adverts from the 1980's:

Picture credit: Rompetrol