March 9 (SeeNews) - The Kazakh-Romanian Energy Investment Fund, set up by KazMunayGas International (KMGI) and Romania's government, will invest 40 million dollars (37.8 million euro) in opening 12 service centres in Romania, Rompetrol Rafinare [BSE:RRC] said on Thursday.
The fund and Rompetrol Downstream, a subsidiary of Rompetrol Rafinare, have aleady opened the first four centres worth 14 million dollars on a motorway section connecting the western city of Nadlac and the central city of Sibiu, Rompetrol Rafinare said in a press release.
The four service centres have a total surface area of close to 21,000 sq m and each is equipped with fuel dispensers for cars and trucks, and retail space. Each centre employs between 45 and 65 people.
Rompetrol Rafinare is the core asset of Dutch-based KMGI, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunayGas Group. Rompetrol Rafinare operates two oil refineries, with Petromidia Navodari providing roughly 40% of Romania’s refining capacity.
The Kazakh-Romanian Energy Investment Fund was established in 2018 to develop energy projects in Romania.
Rompetrol Rafinare's shares traded flat at 0.0875 lei ($0.01/0.01 euro) as of 1219 CET on Thursday on the Bucharest Stock Exchange.
Join our free newsletter Energy in Southeast Europe to stay up to date with the latest in the sector.