“The group’s total investment during 2007-2009 topped USD 700 million, and for this year Rompetrol earmarked around $240 million, of which $170 will be used to continue the development plans of Petromidia refinery”, said the chief executive of Rompetrol, Saduokhas Meraliyev.

The group’s plans for 2010-2011 is to boost Petromidia’s refining capacity by 25% to 5 million tons of raw materials, as the decline in refining margins and sagging demand of oil products have triggered refining output cut or the shutdown of refineries across Europe.

Also Rompetrol headcount increased since 2007 by 5% to 9,600 in 12 countries where the company operates.

The CEO of Rompetrol Group said he would continue talks with the Ministry of Economy and with the Ministry of Finance to identify solutions to clear the historic $603 million debt of Petromidia and put them in place by the end of September.

Rompetrol Rafinare said recently it plans to hike capital by $450 million lei to “pay partially or buy back a portion of the bonds issued by the company”. For the bonds, the group paid interests of $226 million to state budget. Bonds’ value is expected to reach $250 million at maturity date.

The Rompetrol Group (TRG) was part of Rompetrol Holding until August 2001, when Dinu Patriciu sold 75% in TRG to state-run KazMunaiGaz in Kazakhstan. Also, June 2009, Dinu Patriciu said it sold to the Kazakh company the remaining 25%.