As we wrote the other days too, China’s CEFC China Energy Company Limited, who has finalized the takeover of 51 per cent of the portfolio of Kazakhstan’s KMG International concern, has established a systematic timetable for all operations stemming from this transaction.
Thursday, December 16, KMG International NV (formerly Rompetrol Group) and CEFC China Energy Company Limited finalized the transfer of 51 per cent of the shares of Dyneff Group. Dyneff owns assets and fuel trading and distribution operations in France and Spain, according to a KMGI communiqué. “KMGI’s and CEFC’s goal is for Dyneff to become a development platform in Western Europe, benefitting from both enhanced access to sources of supply and the financial support needed to continue to expand its energy sector activities and operations. The two shareholders will make sure Dyneff will respect the commercial and financial commitments it took before its financial and business partners,” the communiqué reads.
part from fuel distribution, Dyneff obtained this year the permit to become a natural gas supplier for physical and juridical persons in France. The company delivers approximately 2.5 million cubic metres of oil products every year through its three main distribution networks in France and Spain: 100 Dyneff and Rompetrol gas stations, 14 commercial agencies and a total storage capacity of approximately 380,000 cubic metres.
CEFC China Energy Company Limited is a private energy company present in approximately 15 countries. With a turnover of approximately EUR 30.5 bln in 2015 and over 20,000 employees worldwide, the company was among the top 500 most important companies listed globally and among the top 500 most influential global brands, the KMGI communiqué shows.
As shown in a previous article, KMGI announced that China Energy Company Limited expressed its intention to take over some of KazMunaiGaz’s (KMG) KMGI (formerly Rompetrol Group) shares and made an offer in that sense.
“KMG will take into consideration the continuation of long-term oil deliveries to KMGI subsidiaries in order to support and expand their operations in Europe. The strategic partnership will be beneficial for KMG, CEFC and KMG International and will set the necessary framework for future joint projects and will contribute to the economic and social growth of the areas in which they will be implemented, including in Romania,” the communiqué reads.
Kazakhstan’s KazMunayGas Group owns KMG International, a company engaged in major oil refining, petrochemical, retail, trading, upstream and industrial services operations in 15 countries. In Romania, the Group operates the Petromidia Navodari refinery (processing capacity of 5 million tons per year), Vega Ploiesti (the oldest refinery in operation, founded in 1905) and a fuel distribution network that consists of 740 gas stations, 230 LPG stations, 9,000 gas cylinders distribution points, 3 LPG bottling stations and 7 storage sites.