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


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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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