Kazakh–Romanian Energy Fund Invests $230M in Petromidia Cogeneration Plant, Gas Station Chain

The fund's board assembled last week for its first working meeting since the fund's establishment in October 2018. The board approved two investment objectives, said fund general manager Iskander Abdibaitov in a press release.

With an implementation period of four years, the cogeneration plant at Petromidia should supply heat and hot water to the town of Navodari and electricity and technological steam for the Petromidia oil refinery.

The plant will be built in partnership with Uzina Termoelectrica Midia – 56.58% owned by Romania and 43.42% by KMG Internaţt – and will be powered by natural gas.

The funds also seeks to invest in the expansion of the Rompetrol gas station network over the next five years, to increase sales of fuel produced by Rompetrol Rafinare at the Petromidia refinery. Rompetrol Rafinare is 54.63% owned by KMG International and 44.7% by the Romanian state. The new gas stations are estimated to create over 1,000 jobs.

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