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Energy sector capitalizing on crude oil coming from Kazakhstan is core for Romania-Kazakhstan co-op

Oil&Gas Materials 17 November 2020 16:08 (UTC +04:00)
Energy sector capitalizing on crude oil coming from Kazakhstan is core for Romania-Kazakhstan co-op

BAKU, Azerbaijan, Nov.17

By Nargiz Sadikhova - Trend:

Energy sector, capitalizing on crude oil coming from Kazakhstan for the local high standard refining industry lies at the core of the economic cooperation between Romania and Kazakhstan, Spokesperson and Mass-media Relations Directorate of the Romanian Ministry of Foreign Affairs told Trend.

The ministry official said that petrochemical and refining products supply the Romanian and other regional markets in the Black and Mediterranean Seas, as well as some closer to Kazakhstan.

“Simultaneously, the energy sector opens new windows of opportunity for the future in demand for innovative clean technologies to cope with the challenges posed by climate changes and warns on the risks of deep dependence on raw materials in trade when markets are highly volatile,” the official said.

Regarding the Romanian exports to Kazakhstan, the majority consists of: electrical machinery, devices and equipment (share of 74.8 percent); base metals and metal articles (share of 12.7 percent), products of the chemical industry (pharmaceuticals/perfumery oils) and related industrial goods (share of 6.5 percent); plastics, rubber and related materials (share of 2.9 percent).

“Just to stick to the numbers, Romanian investments in Kazakhstan account for hundreds of million USD, while the largest Kazakh investment in Romania is in the oil and gas field, with leading actors OMV-Petrom and KazMunayGaz (through the acquisition of the Romanian company Rompetrol), respectively,” the official said.

Aside from the traditional oil and gas industry business, the official noted that for the Romanian companies there are other areas of interest for bilateral cooperation, such as shipbuilding (i.e. vessels build by Romanian shipyards to operate in the Caspian Sea for freight transport, cooperation in the shipbuilding industry between LLP "NMSK" Kazmortransflot and the Romanian shipyard VARD), agriculture, small and medium-sized businesses, medical technologies, and investments for increasing energy efficiency (i.e. HOOS technology) or waste management projects.

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