Miroslav Dermendjiev, general manager of Rafo Onesti refinery,says every euro of the 330m-euro financing the company wants tosecure from banks with state guarantees has a clear destination.Moreover, at the end of the modernisation programme, the companywants 100m-euro operating income, after having operated only in thered in the past ten years.
Rafo representative also maintains the refinery is worth this moneybecause it is the only one in Romania that has no debts.
"The 330m-euro sum we request is destined for each installation ofOnesti platform, as stipulated in the modernisation programme. Thesame will be stipulated in the contract with banks. The project wewant to carry out is good, but everybody believes it has apolitical nature. I understand nothing of politics," Dermendjievsays.
The government last week announced it planned to grant stateguarantees worth 330m euros for the loans Rafo Onesti may take outfor modernisation. The government's pledge comes as the refineryhas not managed to generate profit over the past ten years and ithas been closed since 2008. The aid the government is ready to givethis company with an unknown shareholder structure is bigger thanthe one granted for Ford's 320m-euro investments in Craiova.
"In the past ten years we've been working with old equipment in arefinery with high energy costs. Now, we're building a newrefinery. The modernisation plan will last two years and in eightyears we may be able to repay the sums we receive. We're nowworking with two banks to contract the loan we need. How can youimage a bank is so stupid to give us the money unless we prove wecan pay it back? Besides, we'll also need signatures from theEuropean bodies," Dermendjiev added.
"Our situation is similar with that of Ford or Renault, which won'treturn to the state should they not pay back the sums. How was itpossible in their case?" Dermendjiev said.
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