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Romania: China’s CEFC have extended the deadline for taking over former Rompetrol

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The Chinese company CEFC, who signed in April an agreement to take over KazMunaiGas International – KMGI from KazMunayGas, expanded a few months the deadline for completing the transaction, initially set for October this year, Azamat Zhangulov, Senior Vice President at KazMunayGas International, said on Monday.
He showed that deadline was extended in the context of the discussions that Rompetrol carries out with the Romanian state.
“The agreement with this investor will continue, but it will take probably another few months to finalize the new terms of agreement,” Zhangulov noted.
As regards KMGI intention to sue the Romanian state at the International Court of Arbitration based on investment protection treaties, Rompetrol official claimed that there had been no discussion with state representatives so far.
He also pointed out that has not yet received a request from the Ministry of Energy to extend the memorandum signed in 2013 with the Romanian government, which expires later this year.
“We believe we have given enough time for the Romanian Government to fulfill the actions that were planned before. We have not received any official request to make a new extension, but as soon as we will receive it, we will analyze it. But still we hope that all actions will be made in the agreed terms,” Zhangulov also stated.

Rompetrol ensures 1.1 pc of Romania’s GDP and 15,500 jobs, ASE study reveals
KMG International has invested USD 1.6 billion in Romania in 2007-2015 and provides 44.6 percent of country’s refining capacity, a study conducted by the Bucharest University of Economic Studies on the impact of KazMunaiGas International on the Romanian economy reveals.
KMGI owns 44 percent of the total refining capacity in Romania, with its two refineries, Petromidia and Vega and can cover 90 percent of domestic demand for gasoline and diesel.
At the same time, the group contributed 3 percent to the state budget.
According to the study, in 2015, KMGI has contributed to Romania’s economy with about 1.1 percent of GDP. In terms of the national budget, the Kazakh group is the third largest taxpayer in Romania, with a contribution to the budget of about RON 5.9 billion in 2015, as excise, VAT , property tax, and income tax, social contributions and taxes.
In terms of the impact on the local labor market ASE researchers say that KMGI is one of the largest employers in Romania. Group entities have 4,772 employees in Romania, but its activity supports directly, indirectly and induced over 15,500 jobs.
source: romaniajournal.ro

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