Zhangulov, KMG International: For the moment, Romania is in limbo, freezing its commitments

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Romanian Government is not living up to its promises, Azamat Zhangulov, Senior Vice President at KazMunayGas (KMG) International, said in an interview to EU Today, talking about Rompetrol and the investment climate in Romania.

KMG International official pointed out that the company he represents is ready to distribute around USD 300 million to the Romanian state as part of the agreement ans is also ready to establish in partnerhip an economic and social development project fund for Romania that could total USD 1 billion.

„We are ready, but so far we cannot conclude these arrangements just from our side; we need the state’s participation. For the moment the state is in limbo, freezing its commitments and responsibilities as far as we are concerned,” Zhangulov states.

Asked about the fact that the authorities in Romania have seized company’s business assets in effect prohibiting from spending any more money while an investigation into dealings going back more than 10 years ago, well before KMGI took ownership, is carried out, Senior Vice President at KMG International  says: „(…) Our companies are doing very well, making good profits, but there is a real risk because of these investigations that we will be forced to give up our presence in the country. Cases like this involving people from the past have nothing to do with us but of course create doubts and difficulties now and for the future.”

He also underlines that everything that was done in the name of KMGI was done legally and lawfully, with the signed approval of the Government.

„We were buyers in good faith and with integrity. So of course we want to keep doing business here, keep investing and creating jobs, helping to build up Romania’s economy and resources. The question only the State can answer is will they let us, and can we get back to business,” Zhangulov says rhetorically.

Talking about Brexit impacting the EU and in particular emerging economies like Romania, KMG International official says that Governments around the world post Brexit need to do everything possible to encourage foreign investment, free flows of capital and rules-based decision making that is open and consistent.

 

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