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KazMunayGas has invested $1 billion into Romanian Petromidia refinery over six years

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KazMunayGas has invested $1 billion into Romanian Petromidia refinery over six years

Kazakhstan’s national oil and gas company KazMunaiGas has invested about a billion dollars in the Romanian oil refinery Petromidia from 2007 to 2012, KMG International CEO Zhanat Tussupbekov said.

According to a study by US company Solomon in 2018, the Petromidia refinery ranks ninth among 250 refineries in Europe and Africa in terms of production of high-quality petroleum products.

“From 2007 to 2012, approximately $1 billion has been directed to Petromidia with roughly $450 million earmarked for revamping and increasing its annual capacity from 3.5 million to over 5 million tonnes of raw material,” Tussupbekov told reporters in Navodari, where the Petromidia plant is located.

In 2019, the refinery management expects to increase the refinery’s capacity to 6.1 million tonnes of crude oil.

Petromidia is the only Romanian refinery located on the Black Sea coast. It is supplied directly through the sea terminal at the port of Midia.

The plant is managed by Rompetrol, which is owned by KMG International.

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