Press release - The Rompetrol Group

Mr. Sauat Mynbayev, CEO of KazMunayGas, the main shareholder of The Rompetrol Group NV and the Romanian Prime Minister, Victor Ponta, had a meeting yesterday in Bucharest, Romania.
 
On this occasion, Mr. Sauat Mynbayev saluted the Romanian authorities’ decision, and the Prime Minister’s support through the process of negotiating, signing and promoting the Memorandum of Understanding between the Romanian State and The Rompetrol Group NV.
 
“The Memorandum of Understanding represents a milestone in further consolidating, not just the relationships between KazMunayGas and Romania, but between Kazakhstan and Romania. This new partnership represents a strong re-affirmation of the shared vision that we are having, that of positioning Romania, through Rompetrol, as a regional hub in the region by connecting Kazakhstan energetic resources with the demand from the European Market”, stated Mr. Mynbayev, the CEO and Chairman of KazMunayGas’ Board of Directors.
 
He also added that “the Memorandum gives us, and to all Kazakh companies, a strong and positive message that Romania represents a reliable partner and a close friend, in other words a place where our investments are encouraged and welcomed”.
 
The Fund will meet the interests of both parties - the Romanian state and The Rompetrol Group and will have an investment period of seven years, with a level of investments up to 1 billion USD. The Rompetrol Group has already identified first two major projects (about 350 million USD), namely building a cogeneration plant at Petromidia platform and extending the retail network on the local market, with a positive impact for the communities where they will be implemented - creating about  2,000 jobs in various stages of the projects and the investment income generated. 
 
KazMunayGas expressed, through the voice of its CEO, its firm commitment to fully respect all of its obligations as mentioned within the Memorandum and underlined its strategic decision to further invest in expanding Rompetrol’s local and regional operations with numerous direct and indirect benefits for the Romanian State.
 
As a state-owned company, KazMunayGas represents the interests of Kazakhstan in the oil and gas sector and finds itself in the position to develop a strategic expansion, in order to deliver the country's vast hydrocarbon supplies to key markets. A central part of this strategy is represented by the strength of the operations of the Rompetrol Group in the region.
 
 
More than that, Petromidia Navodari is the most efficient refinery in Romania, following a constant overhaul (investments in modernization amounted to $1.3 bln in 2007-2012; over $2 bln total investments), and has reached a refining capacity of 14,000 tons of crude a day (over 5 million tons a year).
 
On a European level, The Rompetrol Group holds over 1,000 filling stations across Romania, France, Spain, the Moldavian Republic, Georgia, Bulgaria and Ukraine, operated by the brands Rompetrol and Dyneff.
 
Corporate Communication and Public Relations Department
The Rompetrol Group