The effects of the SNP privatisation are now beginning to show. The operational closure of the Astra refinery, which two years ago had a turnover as high as 250 million euros, was caused by contractual differences with SNP Petrom, according to Ioan Niculae, the owner of Interagro.
"Petrom did not meet certain contractual obligations to the Astra Refinery, and for this reason we will sue Petrom for total damages of $150 million," Niculae said. He added that the Astra Refinery would enter preservation until the lawsuit with Petrom was over.
Gheorghe Constantinescu, the SNP Petrom chairman, says he is trying to find a solution to the conflict between his company and Astra. "The contract with Astra Refinery is mentioned in the privatisation contract with OMV in the sense that its continuation is no longer planned for. We will try to find ways to address this issue," Constantinescu said.
Astra Romana Ploiesti shareholders last week approved "the halting of production operations, the entry of the company into preservation and economic and financial restructuring, depending on the trend in the petroleum price and the market for finished products."
The decision of the General Meeting of Shareholders states that the refinery's Board of Directors will specify "the concrete steps (to be taken) within one month as a result of the production halt."
Astra Romana's biggest shareholder is Kreyton Limited, an offshore company registered in the British Virgin Islands that owns 47.07%. Kreyton's shareholders are not known. Interagro, the company owned by Ioan Niculae, controls 6.54% of the total shares; the other significant shareholders being Asirom and Broadhurst with 21.89% and 13.01%, respectively.
Equally, the closing of the refinery raises questions about the value of the 21% stake held by Asirom in Astra, worth nearly 5 million euros (196bn ROL).
Asirom's management did not comment on this situation. Current regulations require that if the share price drops below the acquisition value, which may well happen, Asirom will have to make appropriate provisions, incurring additional expenses.
Niculae says he will make no such provisions where Asirom is concerned, but will instead wait until the lawsuit with Petrom is over.
Apart from its stake in Astra, Asirom was registered on December 31, 2003, as holding 10% in Cerealcom Alexandria (a 69bn ROL investment) and 99% in Intercereal Fetesti (a 308bn ROL), both companies being part of the Interagro Group.
stelian.negrea@zf.ro
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