Kazakh KazMunayGas Announces CEFC Negotiations Have Reached Final Stage
KMG International NV (KMGI), the major shareholder of the company Rompetrol Rafinare SA, announces that negotiations between the National Company KazMunayGas of Kazakhstan (KMG NC) and Chinese company CEFC (China Energy Company Limited) for the transaction of buying 51% of KMG International NV shares have reached the final stage.
Thus, an agreement between KMG NC and CEFC stating the strong commitment to pursue the transaction is expected to be signed, along with a restated set of documents, thus confirming the solid partnership between the two companies.
The assets owned and operations carried out by KMGI in Europe and in the Black Sea region will serve as a development platform that will target both the increasing of operational and financial performance of KMGI and expanding at the international level of dedicated activities and operations performed by CEFC.
The strategic partnership will deliver benefits for KMG NC, CEFC and KMG International and will establish the necessary framework for future joint projects and will contribute to the economic and social growth of the areas where those projects will be implemented, most of them being in Romania.
JSC NC KazMunayGas is the National Oil & Gas Company of the Republic of Kazakhstan and operator for exploration, production, refining and transportation of hydrocarbons, representing the state’s interests in the oil and gas industry of Kazakhstan. National Company “KazMunayGas” is a vertically integrated oil and gas company with a complete production cycle from exploration and production of hydrocarbons, their transportation and processing to providing specialized services.
CEFC China Energy Company Limited is one of the fastest growing private companies in China. In 2016 it entered Global Fortune 500, ranking 229th. CEFC carries out operations in energy, financial and investment services.
KMG International N.V. owns and carries out major operations in refining, petrochemicals, retail, and trading, on several international markets. The retail network includes 1100 fueling points in Romania, Georgia, Bulgaria and Moldova. The Group’s main operations are developed in the Black Sea region, where the company owns two refineries. KMGI also carries out exploration, industrial and wells maintenance services.