Owner of Romanian refinery Rafo to get EUR 158mn loan from Russias VTB.

By bne IntelliNews December 9, 2011
Austria-registered Petrochemical Holding, majority owner of Romania's refinery Rafo, will receive a EUR 157.5mn credit line from Russian VTB Group, Mediafax reported. The loan will reportedly be used to finance a EUR 740mn investment programme at Rafo refinery. Under the two-year investment programme, to be discussed by Rafo shareholders today, December 9, the refinery is to start processing 3mn tonnes of crude oil and producing diesel fuel plus petrochemical feedstock. Rafo successfully completed its reorganisation earlier this year after a bankruptcy procedure that took several years. The government promised in 2009 to guarantee Rafo's bank loans up to a limit of EUR 330mn, but the plans have lingered meanwhile.

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