The company’s cost cutting measures are part of a program in line with Kazakhstan’s state-owned KazMunayGas, owner of KMG International, and the country’s national investment fund Samruk-Kazyna.
The program will target a cut in operating costs and increased profitability, aiming for an economic impact of $130 million by 2018, of which $30 million this year, the company said in a statement Thursday.
Samruk-Kazyna launched a program in September 2014 aimed at transforming the activities and operations of 300 companies, including KazMunayGas.
KMG International is the first KazMunayGas subsidiary that started the transformation program in 2014.
KMG International owns the Petromidia and Vega oils refineries in Romania and operates 746 gas stations.