Oil group KMG International, which operates the biggest oil refinery in Romania, reached record results in 2017.

The group’s operational result (EBITDA) went up by 20% compared to 2016, to USD 242 million. The net profit also increased six fold compared to 2016, to USD 80 million. The group’s gross turnover reached over USD 9.5 billion, up by 36% versus 2016.

The improved operational and financial results also helped the group reduce its debts to USD 416 million, from USD 608 million in 2016 and USD 925 million in 2012.

“2017 is a key point in the group’s evolution, not only for the record results but for managing to consolidate and transform the group’s operations into a regional leader, said Zhanat Tussupbekov, KMG International CEO.

The group is now ready to look at other markets for development opportunities.

KMG International is part of Kazakhstan’s oil company KazMunayGas. Chinese group CEFC has signed an agreement to purchase 51% of the group’s shares. However, CEFC is struggling with financial problems and corruption allegations in China.

editor@romania-insider.com