X
-0.6 C
Belgrade
Supported byspot_img
spot_img

KazMunayGas takes legal action against Romania after shares in refinery frozen

Member of Europium Groupspot_img
Supported byspot_img

Kazakh state oil company KazMunayGas has started procedures for legal action against Romania, following the decision taken by DIICOT prosecutors to lay seizure on Petromidia refinery, in a criminal file involving the way the refinery was privatized, thus putting to a hold the companyโ€™s plans to sell KMG International shares, the current name for Rompetrol Group, to a Chinese company, digi24.ro informs quoting โ€˜Financial Timesโ€™.
The source reads that the KazMunayGas lawyers have sent a letter to the Romanian government to notify the dispute regarding investments, the first step for legal action that could finalize with an international arbitrage procedure.

The KazMunayGas International first Vice-president Azamat Zhangulov was heard by DIICOT on May 10, being also informed about the decision regarding the seizure on Petromidia refinery and on Rompetrol gas stations. The prosecutors have opened a new criminal file to recover the EUR 660 million damages. These are debts that have not been paid by businessman Dinu Patriciu and by KazMunaiGaz, the company that later bought Rompetrol.

Romanian Government is not living up to its promises, Azamat Zhangulov, Senior Vice President at KazMunayGas International, said in an interview two weeks ago with EU Today, talking about Rompetrol and the investment climate in Romania. โ€˜Romania Journalโ€™ reported at the time that the KMG International official pointed out that the company he represents is ready to distribute around USD 300 million to the Romanian state as part of the agreement and is also ready to establish in partnership an economic and social development project fund for Romania that could total USD 1 billion.

Supported by

source: energyworldmag.com

Supported byElevatePR Digital

Related News

Important Announcement to Our Readers

After years of dedicated efforts to promote the European mining industry and foster a balanced approach between environmental conservation and the responsible exploitation of...

India set to decide on import restrictions for metallurgical coke

India is set to make a decision soon on whether to implement import restrictions on metallurgical coke, a crucial ingredient in steelmaking. According to...

AMMC targets major production milestones by 2030 with ongoing development projects

Almalyk Mining and Metallurgical Combine (AMMC) has set ambitious production goals for 2030, aiming to achieve annual output of 500,000 tons of copper, 50...

Kazatomprom partners with Jordan uranium mining company on joint uranium exploration and extraction

Kazatomprom, Kazakhstan's national atomic company, has entered into a collaboration with Jordan Uranium Mining Company (JUMCO) to jointly explore and extract uranium in Jordan....
Supported by
Supported by
Supported by
error: Content is protected !!