KMG International (KMGI), part of Kazakhstan’s state oil and gas company, KazMunayGaz, plans to open more gas stations in Romania and Bulgaria and is looking for acquisitions in central Europe once its legal problems are resolved, Alexey Golovin, KMGI strategy and corporate development vice president told in an interview for Reuters, capital.ro informs.
According to him, the company aims to increase its share of Romania’s petrol station market to 25 percent from 16 percent currently, and boost its share of the Bulgarian petrol station market to 15 percent over three years.
“It does not rule out acquiring existing networks,” KMGI official said.
In the medium to long term, the group is looking to expand in the region, targeting countries like Turkey, Ukraine, Serbia and the rest of the Balkans. Acquisition targets could include gas stations, storage capacities and distribution companies.
KMGI’s main assets are in Romania as it holds a controlling stake in Rompetrol Rafinare, which owns the Petromidia and Vega refineries, and Rompetrol Petrochemicals.
The Petromidia refinery on the Black Sea was seized by Romanian authorities in 2016 as part of an investigation into Rompetrol’s initial privatisation in 2000. KazMunayGaz acquired the company in 2007.
Alexey Golovin said the legal issues were making it difficult for KMGI to secure financing.
CEFC China Energy is buying a 51 percent stake in KMGI in a deal expected to go through in the next few months.