KMG International to buy more sites after legal standoff
Author: Windbetll tank gaugeTime: 2017-12-13
Oil company KMG International will look to expand its fuelling network in Romania and Bulgaria after its current legal issues are solved.
In an interview with Reuters, Alexey Golovin, Senior Vice President of KMGI, said that the company aims at increasing its share of the Romanian market from 16% to 25%, while they want to hit the 15% mark in Bulgaria.
Romanian authorities seized the Petromidia refinery in 2016 due to an investigation into the privatization of Rompetrol in 2000. The total amount of blocked assets stands at USD 1 billion, which the company regards as "excessive".
The owner of KMG International, CEFC China, wants to invest USD 3 billion in the company over the next five years.