Oil tycoon Dinu Patriciu is thinking of selling 10 to 35% in the Rompetrol Group, prior to its listing on a foreign market by 2008.
Such an operation would help Patriciu raise up to 600-625 million dollars (around 500-520 million euros), oil industry sources estimate. Dinu Patriciu, chairman and majority shareholder of the Rompetrol Group says, "all funding categories are needed," to support the plans to expand operations.
The businessman is facing charges in the Rompetrol case, with several counts of indictment against him, such as capital market manipulation, tax evasion, money laundering and fraud. The Prosecutor's Office by the High Court of Cassation and Justice has seized a stake of 25.8% in Petromidia, the main Romanian asset of the Rompetrol Group, which limits the refinery's access to loans from banks.
Asked by ZF if the Rompetrol Group was up for sale, Patriciu stated, "We are not thinking of giving up the controlling interests, but probably about 10 to 35% of The Rompetrol Group shares. I don't have any preferences in terms of investors, be they strategic or investment funds; I am open to all sorts of talks. One thing, though: a minority investor should agree to our development vision." The Rompetrol Group (TRG) anticipates turnover to stand at 6 billion dollars (5 billion euros) this year, and pre-tax profit to reach about 210 million dollars (175 million euros).
TRG, the parent company of all the Rompetrol companies in Romania is entirely held by Rompetrol Holding (Switzerland), wherein Patriciu owns 80%, and his deputy, American Phil Stephenson, 20%.
"We see the sale of such a stake possible by 2008, when we plan to float The Rompetrol Group on a major financial market. London or another market; we'll see which one at that time," Patriciu added. Industry sources estimate that if taking into account an average EBITDA (ea
