The strategy for the voluntary suspension of 20 percent of the salary went into effect as of January 2009 for six months, due to the financial crisis, and the first to agree to this were all of Rompetrol’s top managers, starting with the group’s Chief Executive Officer, Dinu Patriciu. The cut is temporary, and the income will be recoverable in 6-12 months, provided no extension of this strategy is necessary. “This measure was applied to some 60 percent of our over 9,000 [Ed. n. employees] at the group level, and is conditional upon the company fulfilling certain economic performances. If we are unable to meet these, we will extend the measure for a further six months,” said Ionescu. He added that salaries for the remaining employees have been frozen. The Rompetrol group is active in 13 countries, with operations in the North Sea and the Mediterranean, and became part of KazMunaiGaz in 2007, following a transaction worth $1.6 billion.
However, the recovery of outstanding salaries as of 1 July will take place only if Rompetrol group’s management is certain that its operational profit for the first six months in 2009 will reach some $200 million.
