KMG International Group to Divest its Shareholdings in the Non-core Assets
The evolution of the pandemic at national and international levels combined with the measures adopted by local, central and European authorities determined an adaptation of the KMG International Group’s strategy, which comprised all key directions: operational, human resources, financial and investments.
The key goal of the Group is to protect its employees and their families, by developing flexible work schedules and work-from-home programs.
In the context where at national level this period is characterized by series of decisions about technical unemployment, reduced work schedules and collective redundancies, the KMG International Group emphases its efforts to maintain the existing jobs.
Concurrently, the Group reiterates its focus on maintaining and expanding its core activities and operations – oil refining and fuel distribution in Romania and the region.
The KMG International Group focuses on continuing developing its strategic directions on the retail market – opening new petrol stations in Romania and the Black Sea region.
To these are added the efforts of the Group to comply with the commitments assumed within the Kazakh-Romanian Energy Investment Fund, which announced in August 2020 the selection of the general contractor for the turnkey construction of the cogeneration plant on the Petromidia platform.
In the same time, KMG International holds a range of non-core assets for the Group’s activity in the region, such as the production of pipes and fittings – Palplast, design and manufacture of industrial fittings – Rominserv Valves IAIFO, security services, protection and prevention of situations Emergency – Global Security Sistem or Oil Well Services – Rompetrol Well Services.
As part of the broader strategy supported by the sole shareholder – JSC NC KazMunayGas, KMG International Group is contemplating the divestment of its shareholdings in all the non-core assets to the extent that there are attractive takeover bids.
About KMG International
KMG International has evolved from a Romanian company to an international group that produces and delivers energy products to 11 main markets helping people get further and improving their everyday life.
With 6,000 employees, KMG International carries out operations throughout Europe and Central Asia, being active primarily in trading, refining and petrochemicals, retail and marketing and other services in the oil industry such as well services, drilling, EPCM.
The company was well-known as Rompetrol Group N.V until 2014 when it was renamed in KMG International as part of the strategy to integrate all activities within NC KazMunayGas JSC – the Group’s shareholder and Kazakhstan’s national oil and gas operator and to promote one single brand of companies for its successful entry into foreign markets.
Rompetrol is the main brand of KMG International, used for the refining, petrochemicals and retail activities in Romania, Moldova, Bulgaria, Georgia and, also for well services in the upstream area.
