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HISTORY

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1964 Borzesti Petrochemical Group of enterprises was set up in 1956 based on a Governmental Decision.  Refinery 1 Onesti was part of this group and the refinery processed domestic sweet crude oil
1980 In the period 1979 -1980 Refinery 2 was commissioned for processing imported sour crude oil.
1991 S.C. RAFO S.A. ONESTI was registered as a stand-alone trade company in 1991, until 1990 being part of Borzesti Petrochemical Group of Enterprises.
2001 On 26.10.2001 the shares sale-purchase contract  no. 10/26.10.2001 was concluded, based on which S.C. IMPERIAL OIL S.A. and CANYON SERVICOS LDA purchased 59.9960% of S.C. RAFO S.A. share capital.
2002 By own resources, attracted in its own name or on a 5 years period, starting with the date of 30.06.2002 the shareholders made technological investments / capital contribution in cash or in kind worth USD 63,375,000 and investments worth USD 16,994,000 for environment protection.
2004 On 11.10.2004, the novation of the share packages held by Canyon Servicos LDA and Imperial Oil towards Balkan Petroleum LTD took place, and thus Balkan Petroleum LTD became the major shareholder of SC RAFO SA.
During the running of the privatisation contract, the shareholders made technological and environmental investments according to the obligations stipulated in the privatisation contract.
2008 On 25.08.2008 AVAS (The Authority for State Assets Recovery) notified the cessation of SC RAFO SA  post-privatisation monitoring.
2009 On 28.10.2009, the Central Depository registered a new structure of Rafo’s shareholding, as a result of direct shares transfer. Petrochemical Holding GmbH became the main shareholder holding 96.21% of SC RAFO S.A share capital.
2010

I. On 11.06.2010, the Central Depository registered the increase of Rafo’s share capital by means of a contribution in cash of Balkan Petroleum LTD, representing the counter-value of the environmental and technological investments undertaken and performed in accordance with the terms of the privatisation contract. Consequently, the shareholding structure was changed, Petrochemical Holding GMBH became the main shareholder with a percentage of 88.61%, Balkan Petroleum LTD holding 7.9%;
II. On 21.06.2010, Brasov Court rendered the decision for closing the judicial reorganization procedure of SC RAFO S.A.
III. On 11.08.2010,  S.C. DEPOZITARUL CENTRAL S.A. registered the ownership transfer of a number of 69.409.780 shares  issued by S.C. RAFO S.A. Onesti (representing 7,9056 % of the share capital) from the account of Balkan Petroleum Limited to the account of Petrochemical Holding GmbH, based on the provisions of the art. 81, letter g4 of the C.N.V.M. Regulation no. 13/2005, with the following amendments and additions and of the C.N.V.M. Certificate no. 121/05.08.2010.      
Thus, the shareholding structure of  S.C.  RAFO  S.A. was amended, Petrochemical Holding GmbH becoming the holder of 96,5141% of RAFO’s shares.