Petroleum company Petrom transferred its receivables over the Rafo Onesti refinery to Calder-A International, which is registered in the Netherlands, for the sum of 44 million dollars (35 million euros). This sum represents a gain for Petrom, as Petrom registered unpaid Rafo debts as provisions in 2004. In the wake of this transaction, Petrom gave up all its claims on receivables over Rafo, which date back to the 2001-2003 period. "Petrom announces that it has received 44 million dollars for the transfer and considers all the legal aspects related to Rafo to have been completed by means of this transaction," shows a report that Petrom sent to the Stock Exchange. According to the latest available information, Calder-A International is Rafo''s majority shareholder, after it had struck a deal with Balkan Petroleum, the former owner of the refinery in Onesti, to take over the majority stake, which had been the object of a dispute between the two parties. The contract between Calder-A and Balkan Petroleum to take over 98% of Rafo''s shares was signed in July 2005. The agreement has to be approved by AVAS (State Assets Resolution Authority), which will enable Calder to take over all obligations that Balkan Petroleum undertook in the privatisation contract of the refinery, including debts to the budget worth some 600 million RON (170 million euros). ZF
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