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KazMunaiGaz officials, after meeting PM Tudose: Gov’t to speed up implementing the memorandum

By Anca Bernovici
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KazMunaiGaz management, owing Rompetrol Group (KMGI), and the officials of Chinese CEFC, which will acquire the majority stake in Rompetrol, had a meeting Thursday with Prime Minister Mihai Tudose and with the Ministers of Energy, Economy and Finance.

”The main topic of discussion was the entry into force of the Memorandum of Understanding signed in 2013 and reassuring our commitments that we are ready to implement this document. We have the confirmation that things will be accelerated and we will see quick solutions,” Azamat Zhangulov, Senior Vice President at KazMunayGas (KMG) International said.

Zhangulov said he expects a timetable for implementation from the Ministry of Energy in a week or two.

According to him, the memorandum provides, on the one hand, the sale by the state of a 26 percent stake in Rompetrol Rafinare, which KMGI has pledged to acquire it for USD 200 million. It was also agreed to set up a USD 1 billion joint investment fund in the energy field.

”Neither do we no longer have patience that this situation to last for years and years, but we want it to be solved as soon as possible so that our commitment regarding our investments here to become reality,” KazMunaiGaz official pointed out.

The memorandum expires on December 31, 2017, after being prolonged several times, but Zhangulov claims the company’s officials are willing to extend this term again, if necessary, to ensure that all steps will be fulfilled.

Zhangulov also stated that the transaction by which the CEFC takes over 51 percent of KMGI shares will be completed this month, the latest technical details currently running

 

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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