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.
Romania’s government has assumed responsibility in Parliament for legislation reforming magistrates’ pensions, prime minister Ilie Bolojan announced on December 2. He said the draft law had received the opinion of the High Court of Cassation and Justice, noting that the court’s assessment was negative. It is the government’s second attempt to have the bill promulgated, […]
Romania Education Alliance (REA), the first private school network in the country, announced it has exceeded the milestone of 1,000 students enrolled across its member schools just one year after launch. "The fact that we surpassed 1,000 students in our very first year of activity shows that the REA model addresses a real need in […]
Genesis College, one of the largest private educational institutions in Romania, announced the regulatory approval of the transaction through which the investment firm Mozaik Investments becomes its majority shareholder. The transaction, signed at the end of July, received all necessary approvals from the Competition Council on November 25, and, formally, the entire investment procedure is […]
The European Bank for Reconstruction and Development (EBRD) is lending up to EUR 29.9 million to the Romanian city of Brasov to finance energy efficiency upgrades in public buildings, initiating the city’s participation in the Bank’s flagship EBRD Green Cities programme. The Bank’s investment will fund the renovation of up to 20 public buildings, including […]
This festive season, JW Marriott Bucharest Grand Hotel invites guests to embrace the extraordinary and transform each moment into a lasting memory. On New Year’s Eve, the hotel unveils The Grand Countdown — a luminous celebration of new beginnings, thoughtfully crafted across four distinctive venues, each with its own character and atmosphere. The night begins […]
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over ArcelorMittal Tubular Products Iași (AMTP Iași) by Metinvest B.V. of the Netherlands, part of the Ukrainian steel and mining group owned by Rinat Akhmetov, New Voice of Ukraine reported last week. Metinvest has...
