Romanian Rafo Onesti Pays Debts Towards State Budget

On December 8, 2004 when Rafo entered legal reorganization, fiscal debts rose to RON808 million (EUR211 million) and customs debts to RON89.8 million (EUR23 million.)

The chairman of the Fiscal Authority, or ANAF, Daniel Chitoiu, said early October that Rafo paid RON320.81 million to the state, representing fiscal debts as well as remaining import duties.

On Wednesday, Rafo Onesti hiked its share capital by RON1.58 billion to RON2.01 billion by converting debts into shares.

Following the share capital increase, the Romanian state is no longer a shareholder in the refinery, while Calder-A is Rafo’s majority shareholder, with 35.98% of the shares, followed by Petrochemical Holding with 31.67% of the shares and Balkan Petroleum with 20.98% of the shares.

The remainder of the shares is held by Raglam Overseas, with a 7.5% stake, Tender – 0.69%, Prospectiuni – 2.27% and Atlas Gip – 0.47%.

According to a report by consultancy company Secont SRL Bacau, Rafo owed the Romanian state over RON800 million in unpaid taxes, penalties and interest. The report also showed that Petrochemical paid some RON505 million to the country’s tax agency in September and November.

Rafo is Romania’s third largest refinery, with a daily processing output of 72,000 barrels of crude oil.

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