KazMunayGaz proposes Romania joint venture to service Kazakhstan wells

Kazakhstan's state-owned oil and gas company KazMunayGaz suggested Romanian authorities the setting up a joint venture that should take charge of the service operations at the oil wells in Kazakhstan, shows a May 21 release of the Romanian Ministry of Economy, Trade and Business Environment (MECMA).

Minister of Economy Daniel Chitoiu met with a delegation from Kazakhstan headed by KazMunayGas CEO Lyazzat Kiinov. The Kazakh delegation was accompanied by head of the Kazakhstan diplomatic mission to Romania, Talgat Kaliyev.

During talks, the parties also tackled the recovery of Romania's claims against SC Rompetrol SA Constanta. According to MECMA, the sides agreed to step up negotiations and also create an inter-ministerial working group made up of representatives of MECMA and the Public Finance Ministry, as well as to boost the dialogue with the new management of Rompetrol group - which was recently appointed by KazMunayGaz - to assess the issue.

The Kazakh company also expressed its intention to expand the network of Rompetrol branded gas stations in Romania, in parallel with developing drilling and oil extraction activities.

The Romanian authorities will participate in Astana, in Q4 2012, in the works of the 10th session of the Joint Romania-Kazakhstan Inter-governmental Committee on trade, economy, technical and scientific cooperation.

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