Chinese company China Energy Company Limited (CEFC) has become the majority shareholder in Dutch-based oil & gas group KMG International, the former Rompetrol Group, which has most of its business in Romania, reports the Romanian insider. The Chinese group and the Kazakh state-owned oil company KazMunayGas (KMG) signed an agreement, on April 29th, to build a joint venture where China Energy Company has a stake of 51% and KMG holds the remaining 49%. The Chinese company takes on a series of responsibilities, including investing in new projects in the European Union and the neighbouring countries of the Silk Road, according to the agreement.
The Kazakh group KazMunayGas took over the former Rompetrol Group in 2007 from late Romanian investor Dinu Patriciu. The group owns Romania’s biggest oil refinery – Petromidia and a fuel distribution network in Romania and the neighbouring countries. The Romanian state still owns a minority 44.5% stake in Rompetrol Rafinare, KMG International’s biggest company.
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