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Rompetrol Group, Romania's Government discuss future cooperation
The leadership of the Rompetrol Group discuss a future collaboration with the Romanian state owning 44.69 percent of Rompetrol Group's Romania-based refining unit Rompetrol Rafinare, with a working group made up by the Executive, TRG Executive Manager Zhanat Tussupbekov said on Sept. 27 in Petromidia (south-east).
'Romania's Government is one of the company's shareholders. It owns 44.69 percent of shares. We are discussing a future cooperation with a working group representing the Government,' said Tussupbekov, when asked about the possibility to gain back the bonds converted into shares.
In a recent interview with Agerpres, Tussupbekov said that Rompetrol Group is wiling to continue talks with the Romanian state in order to find the best solution, to the benefit of both sides, as regards the shares of Rompetrol Rafinare.
'We hail the Government's decision to transfer the shares owned in Rompetrol Rafinare, from the administration of the Ministry of Public Finance in the administration of the Ministry of Economy and the Office for State Industrial Shareholdings and Privatisations (OPSPI). Our company is willing to continue the constructive dialogue in order to find a solution to the benefit of both sides. At the same time, we are confident the negotiations will be transparent and the current economic realities will be taken into account. We are ready to cooperate with the Romanian Government, in its capacity as shareholder of the company. Nevertheless, if Romania's Government does want to be shareholder anymore, Rompetrol is willing to discuss this issue,' Tussupbekov said.
He also said that the negotiation process with Romania's Government on the convertible bonds topic is underway. A delegation of KMG, headed by the company's Executive Manager Lyazzat Kiinov attended a meeting with Economy Minister Daniel Chitoiu in late May. During the meeting, both sides voiced the intention to speed-up negotiations and reach an agreement in order to set up an inter-ministry working group consisting of members of the Economy Ministry and the Ministry of Public Finance (MFP).
At present, the Romanian state owns 44.69 percent of the shares in Rompetrol Rafinare, following the 2010 decision of the Extraordinary General Assembly of Rompetrol to convert some debts into shares. The shareholders also decided to hike the company's share capital by 1.9 billion lei, issue new shares and assigning them to the state, represented by the MFP.
Rompetrol's Zhanat Tussupbekov: We intend to build 150 petrol stations in Romania in next five years
The Rompetrol Group plans to build 150 petrol stations in Romania in the next 3-5 years so that the market share of the above-mentioned company should increase to 35 percent from 25 percent, as it is now, Rompetrol executive managing director Zhanat Tussupbekov said on Thursday in Petromidia at Navodari (south-eastern Romania).
'The company intends to build 350 petrol stations in the area. Romania will be the main market, but we shall also build such stations in Turkey, Ukraine, Georgia, the Republic of Moldova. In Romania's territory we are going to build about 150 petrol stations in the years to come. The programme is planned to cover 3-5 years. Our plans aim at increasing our market share to 35 percent,' explained Tussupbekov.
This programme of building new petrol stations was also determined by the fact that, following the modernization of the Petromidia refinery, the Diesel oil production will grow from 1.5 million tonnes to 2.5 million tonnes and the petrol one, from 1.3 million tonnes to 1.4 million tonnes.
The Rompetrol Group finished the programme meant to increase the capacity of the Petromidia refinery, a process after which the Diesel oil production is to increase by 6 percent.
The end of the programme meant to modernize the Petromidia refinery will be the starting point for the next stage in the development of the Rompetrol Group, namely the consolidation and expansion of Romania's presence in the basins of the Black Sea and the Mediterranean Sea, but also the access to new markets: Ukraine, Turkey, the Balkans.
Rompetrol Group invests 380 mln dollars in upgrading Petromidia refinery
Rompetrol Group has completed a programme to upgrade Petromidia refinery (southeastern Romania), with the investment totalling 380 million dollars.'The investment amounted to 380 million dollars, with the main contractor being Rominserv. A total 200 companies took part in this project, in which 4,000 people were involved during the phases of its conduct. Around 200 main pieces of equipment was used, weighing more than 13,000 tons', said Group vice president Arman Kairdenov.
The programme initiated in 2006 targeted nine major projects, the building of five new installations and the upgrading or extension of another four.Following the completion of the upgrading programme, the Petromidia production capacity will increase from 3.5 million tons a year to 5 million tons a year and the annual diesel fuel production will rise from 1.5 million tons to 2.5 million tons, while the diesel fuel yield relating the production basket will improve 8 percent.
The diesel fuel output will rise insignificantly, from 1.3 million tons a year to 1.4 million tons a year, while the kerosen output will double from 150,000 tons a year to 300,000 tons.'Petromidia Refinery is an important asset for KazMunayGas and Rompetrol, given it is technologically capable of fully processing crude from Kazakhstan. The completion of this programme backs KazMunayGas objectives of diversifying the crude export routes to the European Union, the company's presence in the Black Sea and the Mediterranean and also Rompetrol integration in the value network, from the drilling well to the client's tank', said Daniyar Berlibayev, KMG senior vice president.
Petromidia refinery began operating in 1979 and in 2001 it was the biggest and most complex refinery in terms of technology. KMG purchased a 75 percent stake in Rompetrol Rafinare in 2007 and it acquired the remainder shares in 2009.