Kazakhstan to buyback Rompetrol Rafinare (BSE: RRC) from the Romanian state

The Rompetrol Group, with the Romanian state, represented by the Office of State Ownership and Privatization in Industry (OPSPI), as a sole administrator, have concluded a MoU for ending the dispute on Rompetrol Rafinare bonds conversion into shares in favor of the Romanian state. Under it, it has been agreed the repurchase by the group of part of shares owned by the Romanian state in Rompetrol Rafinare (the operator of Petromidia Navodari and Vega Ploiesti refineries), following to remain a significant shareholder of the company in Constanta County. Also, both parties have shown willingness to establish a partnership for the development of the energy sector in Romania, but also its role in the Black Sea region and in the EU. Among the objectives and benefits of this partnership there is the diversification of crude oil supply sources for both Romania and EU, creating new jobs, but also the establishment of the necessary framework to attract new investments, with a direct impact on Romania’s economy.