Rompetrol memorandum, important step forward for Romania – Kazakhstan relations

The adoption of the memorandum concluded between Romania and Rompetrol is an important step toward developing relations between Romania and Kazakhstan, Sauat Mynbayev, General Manager of KazMunayGas, the Kazakh state company that owns Rompetrol Group, stated at a meeting with PM Victor Ponta in Bucharest on Monday, according to a company press release. “This new partnership categorically strengthens our vision of making Romania the nucleus of regional energy, a bridge linking Kazakhstan’s resources to European demand,” Mynbayev stated. The investment fund that will be created in accordance with the memorandum will serve the interests of both the Romanian state and Rompetrol Group. Investments will be made within a period of seven years and target investment levels amount to USD 1 billion. Rompetrol has already identified two major projects worth approximately USD 350 million. One of the projects concerns building a co-generation power plant at Petromidia, while the second project involves expanding the gas station network locally. It is estimated that both projects will have a positive impact in target communities through the 2,000 new jobs created during various stages of the project and revenues from investments. The General Manager of KazMunayGas has expressed firm commitment in complying with every obligation undertaken in the agreement, reiterating that the strategic decision to continue the development of Rompetrol operations locally and regionally will have immediate and long-term beneficial effects on Romania, the press release informs.

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