History
The refinery was founded in 1975 as the Midia Năvodari Petrochemical Factory on a 480 hectares (52,000,000 sq ft) plot of land located in Năvodari, Constanţa County. The design and construction of the complex took two years and was based on Romanian technology and foreign licenses. In 1991 the Midia Năvodari Petrochemical Factory is transformed into a joint stock company and the name is changed to SC Petromidia SA.
Between 1997 and 2000 the state tried to privatise the company several times. The first procedure was undertaken in 1997 and negotiations were held with a consortium made by South Korean Daewoo and Swiss company Glencore and with a company named Petromidia USA (local representative of the Windmill company). Between July 1998 and January 1999 a new round of negotiations were finalised and the Turkish company Akmaya was chosen as a strategic investor, offering a per share price of US$ 10.1. On November 1, 2000, the Romanian Property Fund (Romanian: Fondul Proprietăţii de Stat) sold a stake of 69,991% of the complex to Rompetrol Group BV Rotterdam at a price of US$ 50.517 million equivalent to US$ 2 per share. The value of the transaction was US$ 615 million, of which US$ 225 million for modernisation works and other investments and US$ 340 million (US$ 169 million for debts to the state and US$ 171 million to banks and other creditors) for various debts. Rompetrol also changed the name of the refinery to Rompetrol Rafinare. In April 2004 Rompetrol Rafinare was listed on the Bucharest Stock Exchange under the symbol RRC. Soon after it became one of the most important listed companies and in December 2004 it was included in the BET 10 index.
In 2003 the refinery was named Refinery of the Year in Central and Eastern Europe by the World Refining Association.
Read more about this topic: Petromidia Refinery
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