October 4 (SeeNews) - Romania’s Rompetrol Rafinare [BSE:RRC], a member of KazMunayGas International Group (KMGI Group), said it will invest approximately $40 million (40.99 million euro) in modernising its storage facilities for petrol-derived products, between 2022 and 2027.
The investment will target the output of the company's Petromidia Navodari and Vega Ploiesti refineries, Rompetrol Rafinare said in a press release on Monday.
Approximately 50 tanks located within the two refineries will benefit from maintenance and modernisation works, which will implicitly increase their performance.
"The works in the reservoir park are a part of our operational strategy, which aims to increase the flexibility of production processes while maintaining the highest levels of safety and environmental protection." said Felix Crudu-Tesloveanu, General Director of Rompetrol Rafinare.
"The project will increase the capacity of the diesel storage by about 20% and enable us to manage the transfer of finished and semi-finished products more effectively."
In June, the company's Petromidia refinery resumed operations, after being damaged by an explosion a year ago.
Rompetrol Rafinare is part of Dutch-based group KMG International, in turn fully owned by Kazakhstan’s state-owned KazMunaiGroup. Petromidia, owned by the company, is the largest refinery in Romania.
The main shareholders of Rompetrol Rafinare are KMG International with 54.63% and the Romanian State through the energy ministry with 44.7%, data from the Bucharest Stock Exchange, BVB, showed.
Its shares traded 1.3% lower at 0.0760 lei ($0.01/0.02 euro) as of October 3 on the Bucharest Stock Exchange.
($=1.0249 euro)
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