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China CEFC takes over Rompetrol Romania assets

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The takeover of the Rompetrol Group by the Chinese company CEFC will be a long-term partnership that will be beneficial to both the oil company and for Romania, said Catalin Dumitru, VP of KMG International (the former Rompetrol Group).

The partnership could last a few decades, he added, reports local Profit.ro.

In December last year, CEFC China Energy Company Ltd, a private Chinese investment group, agreed to buy 51% of KMG International, a unit of Kazakhstan’s state oil and gas company KazMunayGas, which owns refining and fuel distribution assets in Europe.

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KMG International is the former Rompetrol Group, which was built by Romanian investor Dinu Patriciu, who sold it to KazMunayGas in 2007, in a USD 2.7 billion deal, the biggest private transaction in Romania’s history. The group’s most valuable assets are located in Romania, namely the Petromidia refinery and a distribution network of about 400 fuel stations.

Rompetrol plans to open 15 new gas stations in Romania this year, said Dumitru. Last year, the group opened five new stations.

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