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October 28, 2020

KMG International reconfirms commitments made under memorandum with Romanian Gov’t

KMG International (KMGI) reconfirms the commitments it made under a Memorandum of Understanding closed with the Government of Romania aimed at achieving an investment fund with initial capitalisation amounting to 150 million dollars and its participating a 200 million dollar bid in the privatisation of 26.7 percent of the Romanian state’s stake in Rompetrol Rafinare refining branch, KMGI (the former Rompetrol Group) announced in a release to Agerpres on Monday.

The Memorandum was signed in Bucharest on Feb. 15, 2013.

KMG International has already identified a range of profitable projects for the investment fund – the extension of the petrol station network in the local market, achieving a co-generation plant on Petromidia platform as well as continuing the investments in the exploration activities, since they generate direct and indirect beneficial effects for the Romanian economy as well as for the communities in which they will be implemented, also by creating almost 2,000 jobs in various phases of the projects, the release said.

With a view to speeding up such projects, the company is intently watching the conduct of the administrative procedures by the Energy Ministry and the Finance Ministry in order to implement the provisions agreed by the Memorandum forged between the Romanian Government and KMG International in 2013, the source added.

Financial rating agency Fitch Ratings put under supervision on Friday, Dec. 18 the ‘B+’ rating given oil company KMG International, the former Rompetrol with a view to a possible downgrading, following an agreement between KazMunayGas and China Energy Company, which might lead to changing the KMG International owner.

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