BUCHAREST (Romania), July 13 (SeeNews) – The Kazakh-Romanian Energy Investment Fund (KREIF) announced on Wednesday that it has contracted a loan of 119 million lei (24.1 million dollars/24.08 million euros ) with OTP Bank for the development of 23 station fuel distribution networks.
The financing provided to KMG Rompetrol Development, the fund’s investment vehicle for the retail segment, has an eight-year maturity, KREIF said in a statement.
Operated by Rompetrol Downstream under the Rompetrol brand, the new stations will exclusively sell the Efix range of automotive fuels – produced by the Petromidia refinery in Navodari, eastern Romania.
“KMG International contributes to the consolidation of the sector by outsourcing equipment and services internally, as well as creating new jobs and new sources of income for the state budget,” said Askar Abilov, Chief Financial and Risk Officer of the KMG International group. .
The Kazakh-Romanian Energy Investment Fund currently has a network of 40 service stations and aims to expand it by 44 new units over the next five years. The 84 service stations will ensure the creation of more than 1,000 new jobs, with more than 5,000 people involved in the various development phases and more than 1,200 business partners.
OTP Bank Romania recently participated as a co-financing bank in the granting of a syndicated loan in the amount of 83 million euros for another KREIF project, namely the construction of a new cogeneration plant on the Petromidia Navodari platform. The value of the investment is estimated at $148 million and the deadline for completion is the end of July 2023.
Created in October 2018, KREIF is owned by KMG International and the Romanian government. The main and strategic objective of the fund is the development of energy projects in Romania.
($ = 0.9961 euros)
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