Romania’s government delays approval of Rompetrol memorandum

Newsroom 15/01/2014 | 16:01

Government has delayed on Wednesday the approval of memorandum with oil major Rompetrol for a future meeting, reports Mediafax newswire, citing official sources.

According to the memorandum, Kazakh state oil company KazMunaiGas, which controls Rompetrol group, would repurchase a 26, 69 percent stake in Rompetrol Rafinare from Romania, in a deal worth USD 200 million.

In addition, the company said it would make another USD 350 million worth of energy investments in the country, if the memorandum would be passed.

According to Mediafax, the bill approving the memorandum with Rompetrol was on the government’s agenda today.

The memorandum rids Rompetrol of a USD 660 million debt to Romania’s budget.

Shares in Rompetrol Rafinare gained 2.96 percent to RON 0.0522 on late Wednesday trading on the Bucharest Stock Exchange. Its market capitalization amounted to RON 2.2 billion (EUR 487 million).

Ovidiu Posirca