The Kazakh-Romanian Energy Investment Fund (KREIF) recently contracted a financing from OTP Bank Romania, in the amount of 119 mln. lei (about 24.75 mln. USD) for the retail program speedup - development of new fuel distribution stations. “KMG International continues its projects undertaken through the Kazakh-Romanian Energy Investment Fund while respecting its obligations towards its partners for the development of the energy sector, with the support and trust of the financing institution from Romania, such as OTP Bank. KMG International contributes to the sector`s consolidation by contracting equipment and services on the internal level, and also by creating new jobs and new sources of revenue generation to the state budget”, declares Askar Abilov, Chief Financial Officer and Risk Management of the KMG International Group. The financing granted to KMG Rompetrol Development, the investment vehicle of the Fund for the retail part, has a maturity of 8 years and aims to refinance the development of 23 new gas stations. Operated by Rompetrol Downstream under Rompetrol brand, the new stations will sell exclusively the Efix car fuels range - produced by Petromidia refinery from Navodari. „This financing granted to a strategically important brand both for the industry and for the local energy sector, such as Rompetrol, consolidated our role in supporting the local economy. Such projects of considerable size, offer us the opportunity to contribute to the development of a sector of national importance and also to a new standard in the local stations network for the benefit of the Romanian consumer ", said Roxana Hidan, Deputy General Manager, the Coordinator of Business Division of OTP Bank Romania The Kazakh-Romanian Energy Investment Fund currently owns a network of 40 gas stations and aims to expand it by 44 new units over the next five years. The 84 gas stations of the Fund in Romania will ensure the creation of over 1,000 new jobs, having over 5,000 people involved in various phases of development (design, execution, construction) and over 1,200 commercial partners. OTP Bank Romania recently took part, as a co-financing bank in granting a syndicated loan in the amount of 83 mln. of euro for another KREIF project – the construction of a new cogeneration plant on the Petromidia Navodari platform. The financing granted to Rompetrol Energy (the investment vehicle of the Fund for this project) represents about 65% of the investment`s necessary value which is estimated at 148 mln. USD. The estimated deadline for the cogeneration plant commissioning is the end of July 2023. Established in October 2018, KREIF is owned by KMG International and the Romanian Government through the Energy Participation Management Company - SAPE, its main and strategic objective consists in the development of energy projects in Romania. At the same time, the two shareholders - KMGI and the Romanian Government, are also present in such companies as Uzina Termoelectrica Midia and Rompetrol Rafinare - the operator of the Petromidia refinery in Navodari and Vega refinery in Ploiesti, the only polymer producer in Romania.
The Bucharest National Airports Company, which operates the two main airports of the capital, wants to purchase 450 benches for passengers in the boarding gate area of the Henri Coandă International Airport, better known as the Otopeni Airport. According to the announcement, CNAB will purchase 250 three-seat benches and 200 four-seat benches. The contract is […]
Dorin Bob, a Romanian businessman, invested in a project called Pădurea cu Aluni (The Hazelnut Grove), aiming to become the hazelnut supplier for global brand Ferrero. The Transylvanian businessman, who owns the Arovit canned goods brand, currently operates a 460-hectare hazelnut plot in Homoroade, Satu Mare County. He recently acquired a new 211-hectare plot in the […]
The total number of recipients of social benefits for retired persons was, in October 2024, 925,865 – 2,322 lower compared to the previous month, according to the data provided by the National Public Pension House (CNPP) and quoted by Economica.net. Of these, 832,693...
The team of Kosovo abandoned during the stoppage time in the 92nd minute of the football match against Romania in Bucharest counting for the Nations League, accusing the Romanian fans of "racism" after the later sang Serbia-related chants. The Romanian team remained on the pitch for 74 minutes until the referee decided to put an […]
One week before the first round of the presidential elections in Romania and two weeks before the parliamentary ballot, the leader of Romania's junior ruling Liberal Party (PNL) and a presidential candidate, Nicolae Ciucă, took one more chance to argue vocally that only his party can send the senior ruling Social Democratic party (PSD) and […]
International rating agency Moody's has affirmed the ratings assigned for the first time in 2023 to Romanian financial group Banca Transilvania (BVB: TLV) and improved the outlook on the long-term deposit (Baa2) and issuer ratings (Baa3) to positive from stable. Low dependence of market funding and high profitability balances against risks posed by foreign currency […]
