Payment of historical debt owed to Romanian state, condition for extension of Rompetrol Memorandum

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On Thursday, Premier Mihai Tudose met a delegation from KazMunaiGaz (KMG) – the owner of Rompetrol Group – and one from China’s CEFC, the company that will take over KMG International’s majority share package, a condition for the signing of the Rompetrol Memorandum being set.

The participants, which included the Energy and Finance ministers, discussed the future of the memorandum that the Romanian state and KMG signed in 2013.

“As a result of the discussion, the Romanian Government informed KazMunaiGaz that two conditions must be met to be able to discuss a new extension of the memorandum signed 4 years ago: the payment of the historical debt that the company owes to the Romanian state, and the judicial system solving the case,” an Energy Ministry communique reads.

Premier Mihai Tudose emphasised that the two conditions “must be met cumulatively, otherwise the Romanian state will no longer be able to consider the 2013 agreement.”

“We remind that 4 years ago (on 15 February 2013), a Memorandum of Understanding was signed by the Romanian state and the former The Rompetrol Group NV (currently KMG International NV), which mainly stipulated the setting up, organisation and functioning of a Kazakh-Romanian investment fund in the energy sector and the Romanian state launching the privatisation of 26 percent of Rompetrol Rafinare SA Constanta’s registered capital,” the communique reads.