Romanian chemicals group Chimcomplex mulls taking over Rompetrol

Romanian chemicals group Chimcomplex mulls taking over Rompetrol
By Iulian Ernst in Bucharest December 16, 2021

Romanian chemical holding Chimcomplex, founded and controlled by local businessman Stefan Vuza, announced on December 16 some of its projects, including plans to take over the country’s biggest refinery Petromidia (including a petrochemical platform) that will be financed from bonds to be issued with the help of Rothschild & Cie.

Chimcomplex recently published the development strategy for 2021-2030, which envisages the integration of all activities under the umbrella of CRC (Romanian Chemical Company), the group to be structured into eight divisions.

Chimcomplex announced that it completed preliminary studies and it is going to include in its development strategy some partnerships and possibly the takeover of Rompetrol (KMG International). A proposal regarding the takeover of Rompetrol, which owns the largest refinery in the country, a smaller refinery and a petrochemical platform, will be submitted in the first part of 2022, according to a company note to investors.

Rompetrol Rafinare, the operator of Petromidia and Vega refineries, has a market capitalisation of RON1.9bn (€400mn) on the stock exchange. Kazakh group KMG owns 48.1% of the company.

Since the beginning of 2021, CHOB shares soared by 890% as results came in above investors' expectations. The company's capitalisation is about RON5.5bn. 

85.35% of the company is indirectly controlled by Vuza through CRC Alchemy Holding, based in Amsterdam, while the Romanian state, through the State Assets Management Authority, holds almost 9% of the share capital, according to Bucharest Stock Exchange (BVB) data.

Separately, Chimcomplex announced that the European Clean Hydrogen Alliance selected for further review three projects it had submitted under the GreenComplex strategy aimed at the production of hydrogen, industrial hydrogen (as a raw material) and fuel hydrogen (for heating). To finance the projects, Chimcomplex will issue bonds in the first part of 2022. The company has already selected Rothschild & Cie for advisory services.

On the occasion of its third Hydrogen Forum, the European Clean Hydrogen Alliance published a pipeline of projects that European industry is undertaking to create the European hydrogen economy on a large scale. It features more than 750 projects across Europe that range from clean hydrogen production to its use in industry, mobility, energy and buildings.