Insolvent refinery RAFO Onesti, put up for 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.

Now, the company is re-auctioned, with a starting price of USD 50.575 million, VAT excluded, and is sold as a business that has all its facilities in conservation since 2008, when Rafo last operated. Most of the facilities related to Refinery 2 were upgraded between 1995 and 1997. The task nook costs EUR 23,800 and can be purchased until April 26, 2018.

auctionBorze?ti platformcrude oilindustrial platforminsolventRAFO Onesti refineryStarting price
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