KMG International, formerly known as Rompetrol Group, wants to render its operations efficient and to lower its operational expenditures by approximately USD 130 M by 2018, the impact estimated for this year being of USD 30 M, a company communiqué shows.
The goals are included in a program dubbed “Change for Good,” created in line with the strategy of state-owned KazMunayGas, the owner of KMG International, and of Samruk-Kazyna, Kazakhstan’s national sovereign fund.
The Samruk-Kaznya Fund has launched in September 2014 a program on transforming the activities and operations of 300 companies, including KazMunayGas, the program having three major goals, namely hiking the value of existing assets, optimizing the portfolio and improving corporate management.
A delegation from KazMunayGas – Kazakhstan’s national oil and gas company – and the Samruk-Kazyna national sovereign fund recently visited KMG International’s main production assets in Romania, and on this occasion also analyzed the experience gained by the company in developing and implementing the “Change for Good” program.
“The implementation of the “Change for Good” program will allow the attainment of a new development level for KMG International and a consolidation of the position held by KazMunayGas national company at international level,” KMG International CEO Zhanat Tussupbekov stated in a communiqué.
KMG International is the first KazMunayGas subsidiary that started the business transformation program in 2014, the communiqué points out.
In Romania, KMG International owns the Petromidia and Vega refineries and 746 gas stations. The company also has activities in states such as France, Spain, the Republic of Moldova, Georgia and Bulgaria.