KMG will increase the share capital of the Kazakh-Romanian Energy Investment Fund set up in November last year as part of the solution, agreed six years ago, to adjust Rompetrol’s historical debts to the Romanian state and which promised 1 billion USD in energy projects.

KMG International owns 80% of the Fund’s shares, the rest of the capital being owned by the Energy Participation Management Company (SAPE), controlled by the Romanian ministry, according to profit.ro.

The Fund’s capital will be increased to 30 million USD, the amount being fully paid by KMG International (KMGI). However, according to the agreements signed with the Kazakhs, SAPE will retain its 20% stake in the company.