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September 21, 2020
COMPANIES ECONOMY ENERGY

KMG International Vice President Azamat Zhangulov: Ownership right over Rompetrol Rafinare was approved by the Romanian state

*We cannot understand why the Gov’t does not green-light the investment fund worth over USD 200 M

 

Rompetrol has been waiting for well over three years for the state’s green light for the setting up of a fund through which the company would invest over USD 200 M in Romania, KMG International (formerly Rompetrol Group) Senior Vice President Azamat Zhangulov stated. In an ample interview for Agerpres, he stated he does not understand why the Romanian Government is delaying the setting up of the fund, thus blocking investments that could generate jobs and tax revenues.

In what concerns the Rompetrol legal case, Kazakhstan’s KazMunaiGaz received assurances from state institutions, when taking over Rompetrol, that the latter had no tax arrears, Zhangulov pointed out. He claims that the lawsuit should not affect the company’s current activity, yet the levy placed upon the group’s assets means the company cannot make investments.

Zhangulov stated: “We have documents that show that there is no problem with the ownership right over Rompetrol Rafinare. There are certain documents that certify the fact that the ownership right over Rompetrol Rafinare was approved by the Romanian state, and there is a circuit of these documents, which attests this fact. We have documents from AVAS, which certify the fact that the Group fulfilled its obligations concerning investments and which confirm the carrying out of the privatisation contract. Therefore, this document fully confers to us the ownership right and guarantees that there is no problem with the contract. We have all documents that attest the conversion of shares, documents approved by the highest authority, by the law, signed by the President, by Parliament. And all stages make us believe everything was finalised, approved, well known by the state. The state confirmed all the terms of the form of ownership, everything is completely legal and we cannot imagine what other kind of confirmation a buyer could still request from a seller in order to make sure all paperwork is all right.”

KMG International has invested around USD 2 bln in order to support Rompetrol during the crisis in 2008, in order to modernise Rompetrol Rafinare assets so as to be in line with Euro5 standards, and to transform the refinery into the best refinery in the region.

“We have made all of these investments and there is no doubt on our part that we have a solid legal basis for our operations and investments in Romania,” Zhangulov emphasised.

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