Rompetrol on Friday signed a memorandum with State Industrial Shareholdings and Privatisations Office (OPSPI) under which the oil group commits to buy back some of the state shares in Rompetrol Rafinare that belongs to the group. The memorandum of understanding seeks to ‘settle the dispute over the conversion of Rompetrol Rafinare securities into shares in favour of the Romanian state. The agreement is for the Group to redeem some of the stock currently held by the Romanian state in Rompetrol Rafinare, And continue to be a significant shareholder in the Constanta County company’, Rompetrol notes in a press statement. After the security conversion, the Romanian state, represented by the Ministry of Economy, became a shareholder in Rompetrol Rafinare, with 44.69 per cent, in 2010. Neither state officials nor the representatives of the oil company have disclosed any details on the stock to be redeemed by Rompetrol, or the value of the transaction. The deadline for the redemption of securities was September 30, 2010, but Rompetrol Rafinare only managed to buy back securities worth USD 71 M. An official document presented by Mediafax at the end of 2012 showed that the Government was counting on RON 704 M from selling its majority stock in Rompetrol this year. Rompetrol Group officials could not confirm or deny whether the value of the transaction would be consistent with the Gov’t estimates. ‘We appreciate the openness and understanding shown by the Romanian Government for the identification and quick implementation of a solution bringing benefits to both sides, a necessary step to the development of economic links between Romania and Kazakhstan. The solution now allows us to focus on expanding the Rompetrol Group into the Black Sea Region, as well as consolidating it as a platform for the development of the KazMunaiGas operations and Kazakhstan’s presence in the EU’, Daniar Berlibayev, First Vice President of the Board of Kazakhstan’s national oil and gas company KazMunaiGas. Rompetrol and OPSPI officials also agreed to enter into a partnership for the development of the energy sector, the consequences of which would be the diversification of crude supply sources for Romania and EU, creation of new jobs and setting up an investment fostering framework, according to the release. The final version of the agreement is to be set in the upcoming period, once all technical and commercial details are established.