Oil and gas company Rompetrol will resume its investment program in Romania in the next period, after the Romanian Government approved the agreement it made with the firm in February 2013.

“The Group is ready to transfer USD 200 million to the state budget for the redemption of around 26.7 percent in Rompetrol Rafinare, after the completion of all legal proceedings related to the privatization process,” reads a statement of the company.

According to the group, the establishment of an investment fund in partnership with the Romanian state, but also further investments in Romania, will create the necessary premises to strengthen and develop the energy sector.

The investment fund will have a duration of seven years, the targeted investment in this period amounting to USD one billion.

Rompetrol has already identified two major projects in Romania to be implemented through the investment fund, with a total value of some USD 350 million.

The two projects focus on developing a cogeneration plant on the Petromidia platform and the expansion of the company’s gas station network in Romania.

KazMunayGaz, the majority shareholder of Rompetrol, invested over USD two billion on the local market between 2007 and 2013, while its contribution to the state budget amounts to around USD 7.5 billion.

Rompetrol Group is present in 12 countries, having most of its operations and assets in France, Romania, Spain and South-Eastern Europe.

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