Acasă » Oil&Gas » Processing » KazMunayGas renews the idea of Investment Fund and the Petromidia cogeneration plant proposals

KazMunayGas renews the idea of Investment Fund and the Petromidia cogeneration plant proposals

20 June 2018

The Chairman of the Management Board of KazMunayGas (KMG), the National Gas and Petroleum Company of Kazakhstan, Sauat Mynbayev, met with Mr. Anton Anton, the Minister of Energy, in Bucharest. KMG is the sole shareholder of KMG International (KMGI), the former Rompetrol Group.

The two discussed ways to synchronize Rompetrol Group’s regional development efforts with Romania’s plans to become an energetic hub in the region. During the discussions with the Ministry of Energy officials, KMG firmly committed to fulfilling all the obligations taken under the Memorandum of Understanding signed with the Romanian Government, writes a press release from the company. One of the most important provisions of the said Memorandum refers to the establishment of the mixed Romanian-Kazak investment fund for a 7-year investment period and an estimate USD 1 billion in investments.

“KMGI has already identified at least two major projects that can be developed in the near future and will positively impact Romania’s economy by directly creating approximately two thousand jobs. This refers to the extension of the filling station network on the local market and a cogeneration plant on the Petromidia platform”, highlights the company.

The KMG Chairman presented to the minister Rompetrol’s financial performances obtained in Romania following the historical production records and the company’s plans to consolidate its position both locally and regionally. “Romania and the Romanians are our partners in turning Petromidia in the most modern refinery in the South-Eastern Europe and we will not stop here”, said Sauat Mynbayev.

KazMunayGas (KMG) is the sole shareholder of KMG International (the former Rompetrol Group). KMG International (KMGI) is a petroleum group which owns and carries out major operations in refining, petrochemicals, retail and trading in 11 main markets. KMG’s investment in KMGI amounts to USD more than 4 billion USD, the amount which includes the amount for the transaction.

The main shareholders of Rompetrol Rafinare (the operator of Petromidia and Vega refineries, as well of the petrochemicals division) are KMG International (54.63% – direct and indirect shareholding) and the Romanian Government through the Ministry of Energy (44.69%).

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