Oil group KMG International reduces costs by EUR 113 mln

Oil company KMG International, the former Rompetrol Grup, wants to streamline operations and reduce operational costs with about USD 130 million (EUR 113 mln) by 2018. The impact for this year is estimated at USD 30 million (EUR 26 mln), reads a company’s press release. KMG International is the local subsidiary of the Kazakhstan state-owned oil company KazMunayGas. The company has included the new objectives in a program called “Change for Good,” designed according to KazMunayGas’ and the Kazakhstan National Fund Samruk-Kazyna’s strategy. editor@romania-insider.com