“The Kazakh-Romanian Energy Investment Fund continues its investment plan for the development of energy projects, which will create new jobs, budget contributions,” state of the art” technological input, but also with an impact on supporting the local economy (services, products, etc.). At the same time, it will ensure a profitability level around 11% for the two shareholders of the Fund – KMG International and the Romanian administration of state participation in the energy sector,” said Iskander Abdibaitov, chairman of the Fund’s management committee.
The first project aims the construction of a dewaxing plant on Petromidia platform, which will allow the refinery to significantly improve the process of obtaining diesel fuels in the wintertime. With an estimated completion time in September 2022, the investment value of this project amounts to about $35 million, to which the Fund will directly contribute 30% and the rest will be drawn from local and/or international financial sources.
The second project aims to finance the consolidation and increase process by more than 30% the production of polymers within the petrochemical division of the Petromidia refinery, the sole producer in Romania in this field. The investment amounts to about $8 million and will ensure production alignment with the demand for petrochemicals on the regional market. With the completion date of June 2021, the project will be fully financed from the Fund’s own resources.
With a duration of seven years, the Kazakh-Romanian Energy Investment Fund was set up in October 2018 and aims to allocate an investment level of approximately $1 billion in the development of energy projects locally.
Currently, the total level of investments of the Fund for the approved energy projects amounts to $290 million in the development of a retail network, the construction of a new cogeneration plant and the recently approved projects – the dewaxing plant and the conversion of the HDPE installation.