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News // Oil and gas worldwide

KazMunayGas International and Romania set up energy investment fund

29 October 2018 , 15:21Neftegaz.RU518

 

Bucharest, October 29 - Neftegaz.RU. KazMunayGas International (KMGI) and Societatea de Administrare a Participațiilor în Energie (SAPE), the company managing state assets in Romania's energy sector, signed the association agreement for the establishment of The Kazakh – Romanian Energy Investment Fund.

 

The Kazakh – Romanian fund is estimated to reach $1 billion in investments over a period of 7 years. KMGI’s contribution to the fund is $150 milllion, part of it, the contribution of the Romanian State representing $30 million will also be committed by KMGI. The shareholder structure of the investment fund which will conduct investments in the energy sector is: KMGI – 80% and the Romanian State – 20%.

 

 The main priority of the fund represents the development of energy projects, thus positively contributing to the Romanian energy sector at large, as well as to the consolidation of the country’s energy security by diversifying the sources of supply for petroleum products and supporting a favorable investment climate in Romania.

 

 KMGI has already identified at least 2 major projects, with the total amount of investments exceeding $200 million, which can be developed within the framework of the Kazakh – Romanian fund and which will positively impact Romania’s economy, especially through the direct creation of approximately 2000 jobs.

 

 KazMunayGas International is majority shareholder of Romanian oil and petrochemicals group Rompetrol Rafinare, while SAPE is owned by the Romanian energy ministry and is responsible for the management of state participation in energy companies.

 

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