Rompetrol will resume the investment program in Romania
Having the Memorandum with the Government approved, Rompetrol announces it is ready to start investing again in Romania. The first step in this regard will be the purchase of the 26.7 percent of Rompetrol Refinery shares for the amount established through the arrangement with the Executive - 200 million dollar that will be transferred into the state budget once the legal procedures relative to the privatization of the oil company are finalized, a press release informs.
‘Rompetrol, with the support of the sole shareholder – KazMunayGas, will meet the commitments undertook with the Romanian authorities, hence, establishing a long term strategic partnership in the energy field. We appreciate the decision and determination of the authorities to find and choose a mutually beneficial solution.’, Azamat Zhangulov, Senior Vice President of Rompetrol Group, said. He went on saying that with this arrangement approved, the business environment gets a positive signal, as it needs transparency and predictability, as well as support to attract new investments.
As for the investment fund to be jointly founded with the Romanian state, it will run investments for seven years, the amount targeted for these investments being 1 billion dollar. In this respect, Rompetrol has already identified two major projects coming to some 350 million dollar which will be financed through the said fund – a cogeneration plant on the Petromidia platform and the expansion of the gas stations chain on the domestic market, is mentioned into the same press release.
Over the past six years, KayMunayGas, the Kazakh oil and
gas state company owning Rompetrol Group, has made investments exceeding 2
billion dollar on the domestic market, while its contribution to the Romanian
state budget amounted to 7.5 billion dollar.
