Romania: RAFO Onesti refinery, put on sale

The industrial platform of the RAFO Onesti refinery, which has become insolvent again in autumn last year, will be put on sale on April 27, 2018. The starting price is USD 50.57 million. The company has to pay debts of over RON 330 million.

The first auction took place on April 13 with a starting price of USD 59.75 million, but no offers were registered, according to e-energia.ro and capital.ro.

The receiver, Transilvania Group Insolvency House, has put up for sale the entire industrial platform comprising the two refineries to process crude oil, according to CAEN Code 1920.

The company was built as an integrated system, so the necessary utilities are partially secured within the Borzeşti platform (thermal energy, 75% of the combustion gases, nitrogen and industrial and instrumental air) and partly purchased (electricity and make-up water). The refinery also has access to rail and road transport.

The first auction on April 13 had an initial starting price of USD 59.5 million plus VAT (USD 70.8 million in total) as a result of the market valuation, with the indication that Rafo Onesti will not be ceded below the liquidation value of USD 29.75 million plus VAT, i.e. 50% of the market value.

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