Kazakhstan, Romania Aim to Boost Energy Investments

ASTANA – At the 17th meeting of the Kazakh-Romanian intergovernmental commission on trade, economic, scientific and technical cooperation on Feb. 15-16 in Bucharest, Kazakhstan and Romania agreed to establish a joint working group to develop mechanisms to enhance bilateral cooperation further and support mutual investments in the energy sector, reported the Kazakh Energy Ministry’s press service.

Kazakh Energy Minister Almasadam Satkaliyev with Romanian Energy Minister Sebastian Burduja. Photo credit: gov.kz

The working group will comprise representatives from the ministries of energy and finance.

Several Romanian companies have expressed interest in cooperation with Kazakhstan to supply equipment and components for the oil and gas sector, a proposal that Kazakhstan intends to explore further.

The parties also agreed to discuss cooperation in the chemical and metallurgical sectors and encourage the participation of companies from both countries in renewable energy projects auctions in Romania and Kazakhstan.

They intend to establish a working group on cooperation in transport by the end of the first quarter of 2024, affirming their commitment to developing and using the potential of the Trans-Caspian International Transport Route.

The parties also reviewed prospects for collaboration in agriculture, culture and tourism, labor and social protection of citizens, outlining specific projects to fortify bilateral ties.

During his visit to Romania, Kazakh Energy Minister Almasadam Satkaliyev toured the Rompetrol Valcele gas station and the Petromidia oil refinery. He reiterated Kazakhstan’s commitment to maintaining investment activities in Romania, highlighting the most significant investment in acquiring the Rompetrol company by KazMunayGas, a national oil and gas company, in 2007.

The minister also held talks with the general director of Nuclearelectrica and the management of the RomGas company, wherein Nuclearelectrica expressed its willingness to share experience in social nuclear energy, the level of support for the population, and the development of nuclear power over 80% in Romania.

Statistics from Kazakhstan showed that trade turnover between the countries surged to $2.9 billion in 2023, marking an 8.5% increase compared to the previous year. Exports grew 10.1% to $2.8 billion, while imports decreased by 21.1% to $112.2 million.

Currently, 49 Kazakh-capital legal entities operate in Romania, working in energy, trade, furniture manufacturing, clothing and footwear, and pharmaceutical sectors. Kazakhstan hosts 28 joint Kazakh-Romanian enterprises, primarily engaged in the oil and gas industry.

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