KMG International could expand retail fuel stations network in Romania and Bulgaria

Ovidiu Posirca 11/08/2017 | 11:41

Oil major KMG International, controlled by Chinese CEFC, could expands its retail fuel stations networks in Romania and Bulgaria, once the company’s legal issues will be solved, said Alexey Golovin, senior vice president of KMGI, according to an interview published by Reuters.

In 2016, Petromidia refinery was seized by Romanian authorities as part of an investigation regarding the initial privatization of Rompetrol in 2000. The company was taken over by KazMunayGaz in 2007.

“The total amount of the seized assets stands at USD 1 billion, which we think is excessive. This doesn’t impact our daily operations, but we can’t use financing lines, essential for any company,” said Golovin.

CEFC China aims to invest USD 3 billion in KMGI in the next five years.

In July, the Romanian Competition Council approved the transaction between CEFC and KMG.

In Romania, KMGI wants to increase its market share of retail fuel stations from 16 percent to 25 percent, while in Bulgaria the company wants to control 15 percent of the market.

The company has a network of over 1,000 retail fuel stations in Romania, Moldova, Georgia and Bulgaria, alongside 100 stations under the Dyneff brand in France and Spain.

Going forward, Golovin said that KMGI could buy other fuel retail stations in the region and the acquisition program could also include storage and distribution capacities.

BR Magazine | Latest Issue

Download PDF or read online: November 2022 Issue | Business Review Magazine

The November 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Samsung Remains Top Consumer Tech Provider on Romanian Market.” Read
Ovidiu Posirca | 29/11/2022 | 10:17

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of
    I agree with the storage and handling of my data by
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue