Vice Chairman of the Board of Kazakh state-owned company KazMunayGaz Diniyar Berlibayev said that the investigation into the privatization of Rompetrol Rafinare launched by the Romanian state will not affect the sale of 51 % stake in KMG International (former Rompetrol Group) to Chinese CEFC.
According to the agreement signed last month, CEFC and KazMunayGaz will establish a joint venture in which CEFC will have 51 % stake, while the remaining 49 % will be held by KMG. CEFC will pay 680 million dollars for 51 % stake, with the obligation to invest additional 3 billion dollars in the next five years. CEFC plans further investment and expansion of KMG International’s fuel distribution network from 1,000 to 3,000 petrol station.
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Tags: CEFC, DIICOT, investigation, KMG, KMG International, Petromidia, Romania, Rompetrol