Kazakh group promises to start big investments in Romania

KazMunayGas (KMG), the state oil company of Kazakhstan and the sole shareholder of KMG International – one of the biggest players on the local fuel market -, plans to start two big investment projects in Romania in the near future. The group plans to expand its local gas station network and to build a cogeneration power plant on the Petromidia petrochemical platform. These two projects will positively impact Romania’s economy by directly creating approximately two thousand jobs, according to KMG representatives. KMG’s chairman of the management board Sauat Mynbayev met with Romanian energy minister Anton Anton on Wednesday, June 20. During the discussions, KMG firmly committed to fulfilling all the obligations taken under the Memorandum of Understanding signed with the Romanian Government in 2013. One of the most important provisions of the memorandum refers to creating a mixed Romanian-Kazakh investment fund for a 7-year investment period and an estimate USD 1 billion in investments. The filling station expansion and the co-generation plant should be financed by this fund. KMG International owns the biggest oil refinery in Romania, Petromidia, and is second on the local fuel market after OMV Petrom. The group has improved its financials significantly in recent years as the Petromidia refinery reached new production records as well. KazMunayGas refineries in Romania triple net profit editor@romania-insider.com