Romania: State resumes talks on Romanian-Kazakh investment fund

The company that manages the state’s stakes in energy companies, SAPE, will restart the talks with oil company KazMunayGas International (KMGI), the former Rompetrol Group, on setting up the Romanian-Kazakh investment fund, local Economica.net reported.

The fund, which should invest in large energy projects in Romania, was included in the memorandum signed five years ago by the Romanian Government and KMGI.

The memorandum also provided that the Romanian state would sell a 26% stake in Rompetrol Rafinare, the company that operates Romania’s biggest oil refinery – Petromidia, to KMGI for over USD 200 million. The state currently holds a 44% stake in Rompetrol Rafinare whereas KMGI owns the majority stake of 56%.

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