Rompetrol Rafinare invests $6.5 mln in storage tanks overhaul

The investment is part of a programme for the rehabilitation and modernisation of the storage park, Rompetrol Rafinare said in a press release filed with the Bucharest Stock Exchange.

The company has so far invested some 10 million dollars in the rehabilitation of the storage tanks at its Petromidia and Vega refineries. The project targets 50 storage units and will run until 2027. Currently, two other tanks are being rehabilitated.

Rompetrol Rafinare is the core asset of Dutch-based KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunayGaz Group. Its main shareholders are KMG International with 54.63% of shares and the Romanian state through the ministry of energy with 44.7%.

Rompetrol Rafinare's shares traded 0.6% lower at 0.0825 lei ($0.01/0.01 euro) as of 0953 CET on Wednesday on the Bucharest Stock Exchange.

($=0.9105 euro)