Private Chinese firm CEFC Energy will acquire a 51% stake in KMG International (KMGI), a fully-owned unit of Kazakh state-owned oil and gas company KazMunayGaz (KMG), for an undisclosed amount. KMGI operates a 100,000 bbl/d refinery in Romania and nearly 1,000 service stations in Romania, Spain or France.
This agreement was announced as part of a package of deals between Kazakhstan and China. China National Chemical Engineering (CNCE) has signed a procurement and construction contract with Kazakhstan Petrochemical Industries to build a natural gas-fueled chemical complex worth US$1.87bn. CGN Mining, a listed subsidiary of state-owned China General Nuclear Power Corporation (CGN) has entered into an agreement with Kazatomprom for a minority stake to develop uranium deposits in Kazakthan, while another CGN subsidiary, CGNPC Uranium Resources, will cooperate with Kazatomprom to supply fuel to customers in China, Kazakhstan and other countries.