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China's CEFC to acquire 51% of KMG International

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Report summary

As part of a wider divestment programme driven by a need to generate cash for upstream projects, cash-strapped KazMunaiGas has sold a majority stake in its European downstream-focussed KMG International business, formerly known as the Rompetrol Group, to CEFC China Energy Company Ltd. KMG Internationalis primarily focussed on oil refining and fuels marketing operations around the Black Sea and Mediterranean regions, as well some some upstream and industrial services. Its primary asset, the Petromidia refinery, does not rank particularly highly in terms of European profitability, but has been contributing positively to the group's financial performance on the back of the exceptionally strong refining margins experienced since the start of the oil price decline in the second half of 2014. CEFC is private Chinese company looking to diversify into oil and gas, and plans to grow its presence in this sector beyond the acquisition.

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