Chinese company CEFC is to pay USD 680 million in order to take over the 51% stake of the KMGI shares, the former Rompetrol Group, and is to invest at least USD 3 billion in the following five years, the CEFC website informs.
According to the agreement signed on April 7, 2016 between the Chinese company and KazMunaiGaz the two parties will carry on strategic investments in the energy sector through KMGI and lay basis to an investment and development fund in energy and will acquire several gas stations worldwide. The release also reads that USD 3 billion will be invested in the following five years.