At the end of the meeting, the government announced that the decision approving the memorandum ends all legal disputes between the Finance Ministry and The Rompetrol Group amiably and mutually beneficial.
Under the agreement, Rompetrol pledges to buy a 26% stake in Rompetrol Rafinare from Romania’s state assets privatization office OPSPI for $200 million. Also, Rompetrol and the Romanian state agree to set up a joint investment fund to be 80%-owned by The Rompetrol Group and 20%-controlled by the state.
“The government wants to send a clear message, namely, that it wants to save the investments made in Romania and the jobs created here. All those investing in Romania, creating jobs here and paying all their taxes, ought to get the government’s support, regardless of whether it is the largest or the smallest company in Romania,” Prime Minister Victor Ponta said earlier Wednesday.
Ponta has recently said that the decision approving the memorandum with Rompetrol has been finalized based on the observations received from Finance and Justice ministries.
Last week, Ponta asked the Minister Delegate for Energy Constantin Nita to elaborate a draft act, alongside Justice Ministry officials, which will allow the Government to approve the memorandum with Rompetrol. Ponta said the signing of the agreement would save Rompetrol and improve the investors’ opinion on the country.
In November 2013, Romania’s Constitutional Court sustained President Traian Basescu’s objection and declared the law approving a memorandum of understanding (MoU) between Romania and Rompetrol unconstitutional. Basescu notified the Constitutional Court on October 24,2013, soon after the Senate rejected his request to reexamine the approval of the memorandum.
Rompetrol, a unit of Kazakh KazMunayGas, said in February 2013 that it reached an agreement with government officials to buy back a minority stake in its unit Rompetrol Rafinare (RRC.RO).