Romania’s government approves Rompetrol memorandum

Newsroom 22/01/2014 | 17:44

 

The Government has adopted on Wednesday a decision of approval for the memorandum convened with Rompetrol. 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.

The memorandum settles the issue of Romania’s USD 660 mln claim against Rompetrol Rafinare, the country’s largest refinery owned by KazMunaiGaz through The Rompetrol Group.

The Romanian government has accepted a USD 200 mln cash payment plus a bonus of 20% conditioned participation in the USD 150mn investment fund as a settlement in the lasting dispute. The USD 200mn is the price paid by KMG for a 26.7pps stake of the 44.7% participation in Rompetrol Rafinare.

Romania will thus remain with 18% participation.

 

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