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Kazakh - Romanian Energy Investment Fund inaugurates 1.3 million US dollars investment in Timisoara

Timisoara

The Kazakh - Romanian Energy Investment Fund inaugurated on Tuesday in Timisoara an investment worth 1.3 million US dollars, with the new gas station creating 16 new jobs. 

Established at end-October 2018, the Kazakh - Romanian Energy Investment Fund represents a strategic partnership for the development of the energy sector in Romania, its two shareholders being the Energy Ministry through the Societatea de Administrate a Participantilor in Energie (SAPE), which is 100 percent owned by the Romanian state and the KazMunayGas International (KMGI). 

President of the SAPE Directorate Bogdan Stanescu told AGERPRES that the partnership with the Kazakh - Romanian Energy Investment Fund means a lot, even if the Romanian state is a minority shareholder and owns only 20 percent in this partnership. 

"Investments of 1 billion US dollars on Romania's territory are extremely beneficial both in social terms, regarding jobs and energetic terms, on the side of energy security in Romania. On the oil and gas side and on the energy side, because the fund will also develop projects on the energy side. Taking into account that at the moment the Romanian energy market can still accept very many projects which can strengthen, bring an additional safety to the energy system of Romania, such as the Midia project, a cogeneration station is beneficial by providing steam and energy for Navodari, but also for Rompetrol, in partnership with the Romanian state, through the Ministry of Energy. We want to develop more projects in energy, on cogeneration, of energy mix, on the wind turbines side, on electricity distribution and supply, even through the company I lead, with other partners, even with state-owned companies. Currently we are under construction and we will see the benefits toward the end of next year. We are on the market, CEZ is the one that went out on the market with sale, carry out studies in Romania and we are also interested to participate in this project," Bogdan Stanescu detailed. 

According to him, the partnership creates approximately 1,000 jobs at the level of the 66 new stations to be opened in this period, but there are also projects on energy which will double or triple the number of jobs. 

"In the energy area, specialists in the area are in training, those who are already at a certain level are approaching the retirement age and they have to leave new specialists which we can create, train, because the energy system is a very beautiful one, which also brings benefits for the Romanian state," Bogdan Stanescu stated. 

The Kazakh - Romanian Fund is estimated to reach 1 billion US dollars in investments over a period of seven years.

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