Finalization of “Rompetrol II” judicial case

KMG International and the KMG Rompetrol group welcomes the decision by the Prosecution Office of the High Court of Cassation and Justice – DIICOT in the case publicly known as the “Rompetrol II” matter, decision recently conveyed to the company.

 

Through this decision, the Romanian authorities confirm that the numerous controversies and debates raised over time do not imply criminal law issues, or their place is not before the criminal judicial authorities of the Romanian State.

We appreciate the well-balanced nature of this decision, which is very important for the safety of the business environment and investment climate of Romania. We consider it a decision taken following very complex steps and analyses, in which KMGI and the group companies have actively and transparently participated, for the purpose of clarifying all relevant aspects. 

This decision consolidates the local holdings of the KazMunayGas group and opens way for further investments required for the development of the group’s local activities, with positive impact over economic growth, maintaining and developing the workforce, the group’s constant contribution to public budgets, as well as, in general, to the development of the local business environment.

We extend our thanks to all those involved, for the professionalism and constant efforts that were put in, for the clarification and correct settlement of this very complex and important matter. We distinctly mention our group’s long term legal team, coordinated by attorney Gabriel Albu, on behalf of Budusan, Albu & Asociatii. Also, we commend the implication and full dedication of the legal team from Musat & Asociatii law firm, who contributed to the positive settlement of the case.

About KMG International

KMG International is one of the largest economic players in Romania, with proven commitment to the contribution to Romania’s development as an energy hub for the Black Sea region. KMG International made 4 billion USD worth of investments in the local market, starting 2007, with operations employing more than 5.000 personnel in Romania. During 2007-2014, the group paid over 12 billion USD to the Romanian state budget.

KMG International has committed to the Romanian Government for the development of a Kazakh-Romanian Investment Fund, with a capital contribution of 150 million USD, targeting total assets worth of 1 billion USD, depending on market conditions. KMG International operates important activities together with the Romanian Government for completing steps for the capitalization and development of this investment fund, with current projects developed in Romania worth approx. 250 million USD, with the aim to generate a powerful impact, economically and socially.

Owned by KazMunayGas Kazakhstan, the KMG International group operates mainly in refining and petrochemicals, retail, trading, upstream and industrial services, in 12 principal markets. In Romania, the group operates the Petromidia Navodari Refinery, with a processing capacity in excess of 5 million tons per year, the Vega Refinery Ploiesti – the oldest of its kind presently still operating (1905), but also a fuel distribution network including over 700 stations, 230 LPG units, 9.000 points for gas tank distribution and 3 LPG loading stations, as well as 6 deposits.