KMGI and Romania to set up joint investment fund

ASTANA. KAZINFORM "KMG International (KMGI), part of NC KazMunaiGas JSC and the Government of Romania in the near future plan to complete necessary procedures in order to set up the joint investment fund aimed at expanding mutual cooperation," Robert Tudorache, State Secretary within the Ministry of Energy, told journalists last week when the Romanian delegation visited Kazakhstan.

The fund will be established under the memorandum of mutual understanding signed by the parties in 2013 that provides for attracting additional financing for KMGI projects in Romania.

According to him, the projects that will be realized under the aegis of the fund will be considered in conformity with the principles of investment transparency and selected with due account of precise and clear criteria and evaluation scheme. Thereat, the Government of Romania and KMGI will have equal opportunities for submitting proposals concerning projects and financing.

The first project foresees construction of a thermal power plant at the ground of Petromidia refinery to co-generate electricity and heat. The second project concerns expansion of a refueling network under the Rompetrol brand in the territory of Romania. The both projects are estimated jointly up to USD 220 million.