Following public announcement during the last days of Kazakhstan National Oil & Gas Company KazMunayGas intention to constitute and develop at the international level a strategic partnership with CEFC (China Energy Company Limited), KMG International is reconfirming its commitments assumed in the Memorandum of Understanding signed with Romanian Government.
We stand firmly by all of our commitments, including the establishment of an Investment Fund with 150 million USD equity participation and total assets target of up to 1 billion USD depending on the market conditions during the investment period of 7 years, as well as the participation with an offer of 200 million USD for the privatization of 26.7% from Government share in Rompetrol Rafinare.
KMG International has already identified a number of profitable projects for the Investment Fund – the extension of fuel stations network on the local market, the construction of a new cogeneration plant on Petromidia platform, and continuation of investment in upstream exploration fields – to generate direct and indirect beneficial effects for Romanian economy, for the communities where these projects are going to be implemented, including total creation of approximately 2,000 jobs during different phases of the projects.
In order to accelerate these projects, KMG International is looking forward with great interest toward the administrative procedures carried out by Ministry of Energy and Ministry of Finance for the implementation of the provisions agreed in Memorandum of Understanding signed in 2013 by Romanian Government and by our company.
Fully owned by the Kazakhstan National Oil & Gas Company KazMunayGas, KMG International has invested over 1.6 billion USD since 2007 to date for consolidation and development of operations on local and regional basis, being a trustworthy partner and a mainstay of stability for Romanian economy both through its contribution to the state budget - 1.94 billion USD in 2014 and 1.1 billion USD in the first 9 months of 2015 - and through the economic and social impact of its activities carried out in Romania - directly employing over 6,000 people, with exports of 2 billion USD in 2014, and over 1.1 billion USD in the first 9 months of 2015.
Communication and Public Relations Department
KMG International