The Kazakh-Romanian Energy Investment Fund (FIEKR) announced on Tuesday that it will invest USD 43 million in the construction of a deparaffining plant on the petrochemical platform of the Petromidia refinery.

This investment will allow the refinery to improve the process of obtaining diesel fuels during winter and increase its fuel production, especially for aviation. The new plant will also increase by more than 30% the production of polymers at the Petromidia refinery.

Petromidia refinery is owned by Rompetrol Rafinare - the main asset of Kazakh state-owned group KazMunayGas International - Romanian state’s partner in FIEKR.

“The Kazakh-Romanian Energy Investment Fund continues its investment plan for the development of energy projects, which will create new jobs and will generate budget revenues, will import state of the art technology, but will also support the local economy,” argued Iskander Abdibaitov, Chairman of the Board of Directors of the Kazakh-Romanian Energy Investment Fund.

At the same time, the new projects will also provide a yield of about 11% for the two shareholders of the Fund - KMG International and Romania’s Company for the Management of Energy Investments (SAPE).

The estimated completion time for the construction of the deparaffining facility is foreseen for September 2022, and the investment value of the project amounts to about USD 35 mln. The direct contribution of the Fund is about 30% and the difference will be drawn from local or international financial sources, FIEKR representatives explained.

editor@romania-insider.com

(Photo source: Facebook/Rompetrol-KMG International)