Oil and gas company Rompetrol has taken all “preparatory measures” to invest USD 350 million in new projects in Romania, based on an agreement with the Government under which the state will receive USD 200 million for a stake in the company.

Rompetrol’s investments will be carried out over a period of three years.

“We are pleased that the Romanian state is finally willing to take the necessary steps to implement the memorandum signed with Rompetrol. […] From our point of view, we have taken all preparatory measures to fulfill the commitments in the memorandum, as soon as the Government completes the adoption process,” said Rompetrol vice-president Azamat Zangulov, quoted by local Mediafax.

According the agreement, KazMunaiGaz will pay USD 200 million for taking over 26.6 percent in Rompetrol Rafinare.

Also, KazMunaiGaz, the majority shareholder of Rompetrol, will establish a fund that will make investment in energy projects.

From the USD 350 million, Rompetrol will invest USD 150 million in a cogeneration plant on the Petromidia platform, while the rest of USD 200 million will be used to expand the gas station network in Romania. More about Rompetrol's historic debt in Romania here.

Rompetrol Group is present in 12 countries and has a total of 7,000 employees. In Europe, the group owns over 1,000 gas stations in six countries (Romania, Republic of Moldova, Bulgaria, France, Spain and Georgia), operating under Rompetrol brands, Dyneff and Litro.

Irina Popescu, irina.popescu@romania-insider.com