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Rompetrol Group, to repurchase part of stock held by Romanian state in Rompetrol Rafinare
Rompetrol Group will repurchase a part of the stock held by the Romanian state in Rompetrol Rafinare (the operator of the refineries Petromidia Navodari and Vega Ploiesti), and will continue to be a significant shareholder of the company in the County of Constanta, according to a release issued by the company on Friday.
Rompetrol Group and the Romanian state, represented through the State Industrial Shareholdings and Privatisations Office (OPSPI), as sole administrator, on Friday signed a memorandum of understanding for solving the dispute concerning the conversion of the Rompetrol Rafinare bonds into shares in the Romanian state's favour.
Moreover, both sides showed their availability in establishing a partnership for the development of the energy sector in Romania, but also of Romania's role in the Black Sea and European Union region. Among the objectives and benefits of this partnership, there are the crude oil supply sources both for Romania and for the European union, the creation of new jobs, but also the establishment of the necessary framework for drawing new investments, with a direct impact in Romania's economy, the oil group mentions.
'We appreciate the Romanian Government's availability and understanding in the sense of quickly identifying and adopting a profitable solution for both sides, a necessary step for the development of economic relation between Romania and Kazakhstan. The solution allows us now to focus on the expansion of Rompetrol Group in the Black Sea region, but also on its consolidation as a development platform of KazMunayGas activities and of the presence of Kazakhstan in the European Union,' said Daniar Berlibayev, senior vice president of KazMunayGas Board, Kazakhstan's national oil and gas company.
The final draft of the agreement will be completed in the coming period, after establishing and approving all the technical and trade details, but also after their approval by the relevant authorities and by the Board of Administration of the national oil and gas company of Kazakhstan - KazMunayGas, the sole shareholder in Rompetrol Group.
Following the conversion of the bonds issued in 2003, the Romanian state, through the Economy Ministry, became in 2010 a shareholder in Rompetrol Rafinare, with a 44.69 percent stake.