* Act I: The privatization conducted by the National Peasants' Party
At the time of its privatization, in the autumn of 2000, the shareholder structure of SC PETROMIDIA SA was dominated by the State Property Fund (FPS) (69.991%), together with SIF Transilvania (21.796%) and small shareholders (8.213%).
The financial terms of the privatization contract concluded by the Proprietatea Fund with ROMPETROL, on October 31st, 2000, were the following: 2 US dollars per share, namely USD 50,517,620 USD for the entire stake, to be paid in three annual payments; the full acceptance of the debts of the company, namely, 340 million dollars, of which 2,300 billion lei in debts to the state budget and 171 million dollars owed to banks, following the imports to of crude in the previous years, for which PETROMIDIA had obtained payment reschedulings from its creditors BANCOREX and the Ministry of Finance (for the CHASE MANHATTAN loan, for the liability "Egypt-Iran receivables" and for other liabilities); a share capital contribution of 205 million US dollars, of which 55 million lei for technology investments; 20 million US dollars for investments in protecting the environment.
* Second act: The social democrat forgiveness
In February 2001, after paying the first installment, ROMPETROL gained ownership of the shares. Shortly thereafter, the refinery was made operational again, and the petrochemical segment followed soon after. However, ROMPETROL never paid the historical debts of PETROMIDIA, only its current liabilities. The PSD government, which came to power after the elections of the year 2000, accepted in 2003 the softening of the contractual conditions, by converting the historic debts into bonds, with a seven year maturity, meaning they would have to be redeemed in 2010.
Moreover, if the bonds were not redeemed after the seven years, the state woul
