Energy minister: Continuing KazMunayGas-Rompetrol project is backed at all levels in Kazakhstan

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KazMunayGas – Rompetrol project is of special importance and is being backed at all the levels of the Government and economic circles in Kazakhstan, the Romanian Minister of Energy, SMEs and Business Environment Andrei Gerea said in a release to Agerpres on Tuesday.

The finalisation of the Memorandum on Romanian oil company Rompetrol was the main topic of the talks held by Gerea at the bilateral meetings with Kazakhstan’s prime minister, energy minister, KazMunayGas’ president and vice president and the first deputy foreign minister.

The Kazakh side commended the fact that an agreement had been reached on the privatisation calendar and a timescale for setting up a 150 million dollar common investment fund. KazMunayGas group assured the Romanian side that it wants to continue the project and showed interest in making new investments in Romania, the release said.

“During the talks, I was assured KazMunayGas – Rompetrol project has special importance and is supported at all the levels of the Government and economic circles in Kazakhstan. We are highly interested in the fund being set up as fast as possible, the Kazakh Government is interested in as fast as possible finalisation of the Memorandum and the sale of shares and I think we will finalise this Memorandum in around ten months. It would be a big step forward, which can attract other commercial exchanges worth billions of euros a year between our two countries”, Gerea underscored.

The Romanian minister, in an address to the 10th edition of Kazenergy Eurasian Forum 2015 and in the bilateral talks with the Kazakh officials highlighted the fiscal measures taken by the Romanian Government and stressed that the cut value-added tax and curbed labour costs can be an anchor for the conduct of fresh investments in Romania.

He also showed the phase in the power inter-connection with the Republic of Moldova, pointing out Romania’s priority in providing regional energy security.

Gerea said that such Romanian power companies as Hidroelectrica and Electrica are willing to invest outside Romania.

Kazakhstan’s officials underscored they want to expand the array of investments in Romania to agriculture and the food sector, chiefly the manufacture of food packaging.

Kazakhstan’s energy ministry and foreign ministry communicated that they were looking into getting involved into AGRI project, with a decision to this effect having not yet been made. Moreover, given Kazakhstan accounts for 40 percent of the world uranium production, the country showed readiness to co-work with Romania in this field.

The Romanian minister attended the 10th edition of Kazenergy Eurasian Forum 2015 on the topic “New Horizons of Energy: the Prospects of Collaboration and Investments” held in the capital Astana over Sept. 29 – Oct. 1.

Gerea also had a bilateral meeting with the U.S. Under Secretary of Energy, the release said.