Chinese group takes over Romanian oil company

03 May 2016

Chinese company China Energy Company Limited (CEFC) has become the majority shareholder in Dutch-based oil & gas group KMG International, the former Rompetrol Group, which has most of its business in Romania.

The Chinese group and the Kazakh state-owned oil company KazMunayGas (KMG) signed an agreement, on Friday, to build a joint venture where China Energy Company has a stake of 51% and KMG holds the remaining 49%.

The Chinese company takes on a series of responsibilities, including investing in new projects in the European Union and the neighboring countries of the Silk Road, according to the agreement.

The Kazakh group KazMunayGas took over the former Rompetrol Group in 2007 from late Romanian investor Dinu Patriciu. The group owns Romania’s biggest oil refinery – Petromidia and a fuel distribution network in Romania and the neighboring countries.

The Romanian state still owns a minority 44.5% stake in Rompetrol Rafinare, KMG International’s biggest company.

editor@romania-insider.com

Normal

Chinese group takes over Romanian oil company

03 May 2016

Chinese company China Energy Company Limited (CEFC) has become the majority shareholder in Dutch-based oil & gas group KMG International, the former Rompetrol Group, which has most of its business in Romania.

The Chinese group and the Kazakh state-owned oil company KazMunayGas (KMG) signed an agreement, on Friday, to build a joint venture where China Energy Company has a stake of 51% and KMG holds the remaining 49%.

The Chinese company takes on a series of responsibilities, including investing in new projects in the European Union and the neighboring countries of the Silk Road, according to the agreement.

The Kazakh group KazMunayGas took over the former Rompetrol Group in 2007 from late Romanian investor Dinu Patriciu. The group owns Romania’s biggest oil refinery – Petromidia and a fuel distribution network in Romania and the neighboring countries.

The Romanian state still owns a minority 44.5% stake in Rompetrol Rafinare, KMG International’s biggest company.

editor@romania-insider.com

Normal
 

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