KMG International (ex Rompetrol Group) wants to complete rapidly the negotiations with China Energy Company (CEFC) “to be bigger and stronger” in oil production, announced the oil group from Kazakhstan.

“We are eager to conclude negotiations quickly. The idea is to find the solution to be bigger and stronger. KMG is strong in oil production and has business fundamentals and CEFC is strong financially. We envisage a joint venture to expand, to increase investment. The idea is to achieve a successful partnership”, said Azamat Zhangulov, vice president of KMG International, quoted by Evz.ro.

Information on a possible takeover of 51% of KMG International by CEFC occurred in the latter part of last year in the context of signing a memorandum of understanding in energy and telecommunications businesses covering potential agreements of over 4 billion dollars.

The term for signing the takeover is still unknown, the KMG official said. “We are talking with them, but we have not signed anything yet. The aim of this joint venture is to seek investment opportunities in the downstream area, infrastructure and around the oil flow coming from Kazakhstan (60 million tons per year) in the Black Sea region”, added Zhangulov.

KMG International official has addressed also the issue of the Romanian-Kazakh investment fund of one billion dollars, noting that the Romanian State shall designate within weeks the company that will partner with KMG International in the fund. The financial vehicle would be owned 80% by KMG International.

“Documentation for the company that will operate the investment fund was submitted, we expect in the coming weeks to be established. This was said to us by state institutions”, Zhangulov said for wall-street.ro.