Daily News for Energy & Environment

Romania: Gov’t about KMG MoU extension: Historical debts payment and the DIICOT investigation should be completed first

Prime Minister Mihai Tudose announces that it will no longer extend the controversial Memorandum (MoU) agreed in 2013 by Ponta Government with the KazMunaiGaz (KMG) owners of Rompetrol, which has not yet been operationalized. Thus, Tudose asked Rompetrol in a press release to pay its historic debt and wait for solving the DIICOT investigation in which the company is involved, romaniajournal.ro informs.

According to the source, PM Tudose stressed that the two conditions must be met cumulatively, otherwise the Romanian state will no longer be able to take into account the understanding in 2013.

The historical debt of the oil group to Romania’s state budget amounts to USD 600 million, converted into bonds 14 years ago, a debt that, following the decisions of the Nastase and Ponta Governments, does not exist anymore. Practically, the debt was converted by the Nastase Government into bonds, and then the Ponta Government basically canceled it through this memorandum.

This comes after KazMunaiGaz management, owing Rompetrol Group (KMGI), and the officials of Chinese CEFC, which will acquire the majority stake in Rompetrol, had a meeting Thursday with Prime Minister Mihai Tudose and with the Ministers of Energy, Economy and Finance.

According to Azamat Zhangulov, Senior Vice President at KazMunayGas (KMG) International, Kazakh owners received the confirmation that things regarding the MoU implementation will be accelerated by the Romanian authorities and quick solutions will be seen soon.

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