Sunday, September 27, 2020
Home Oil & Gas Romania's FIEKR approves investments to strengthen local energy security

Romania’s FIEKR approves investments to strengthen local energy security

The Kazakh-Romanian Energy Investment Fund (FIEKR) approved two new investment projects for a total amount of 43 million US dollars related to the Romanian energy sector. These projects will create synergies to the production processes of the Petromidia Năvodari refinery (part of the company Rompetrol Rafinare) and economic added value for both companies.

“The Kazakh-Romanian Energy Investment Fund continues its investment plan for the development of energy projects, which will create new jobs, budget contributions, state of the art technological input, but also with an impact on supporting the local economy (services, products, etc.),” said Iskander Abdibaitov, FIEKR Chairman of the Management Committee. “At the same time, it will ensure a rentability level around 11 per cent for the two shareholders of the Fund, KMG International and Societatea de Administrare a Participaţiilor în Energie.”

The first project aims the construction of a dewaxing plant on the Petromidia platform, which will allow the refinery to significantly improve the process of obtaining diesel fuels in the wintertime.  At the same time, the integration of the new dewaxing plant into the technological flow of the refinery will also allow an increase in the production of aviation jet fuel, leading to the strengthening of local energy security.

The second major project aims to finance the consolidation and increase by more than 30 per cent the production of polymers within the petrochemical division of the Petromidia refinery, the sole producer in Romania in this field. The project of consolidation and increase of polymer production aims to convert the high-density polyethylene (HDPE) plant into a Polypropylene plant (PP), with the annual polypropylene production capacity following to increase from 90,000 tonnes presently to 120,000 tonnes by 2022.

For the next 5 years, the Fund aims to reach a network of 84 gas stations in Romania (the acquisition and modernisation of existing stations plus the construction of 66 new gas stations), which will ensure the creation of over 1,000 new jobs, over 5,000 people involved in various phases of development (design, execution, construction) and over 1,200 trading partners.

Most Popular

Kosovo to expand its wind capacity with 57.5 mln euros EBRD loan

Kosovo, a country heavily reliant on coal, took a major step towards the decarbonisation of its electricity sector with the help of a 57.5 mln euros loan from the EBRD to finance the construction of a 105 MW wind farm.

PGNiG Upstream Norway acquires two new fields in the North Sea

PGNiG Upstream Norway signed an agreement with Norske Shell to acquire interests in Kvitebjørn and Valemon, two producing fields in the North Sea. The gas produced will be sent to Poland after the Baltic Pipe link is launched.

Antje Kanngiesser appointed new CEO of the Alpiq Group

Antje Kanngiesser has been appointed as the new CEO of the Alpiq Group, the leading Swiss electricity producer.

Taking account of social and environmental impacts ahead of the World Tourism Day

Tourism has been among the hardest hit of all sectors by the COVID-19. On this World Tourism Day, the pandemic represents an opportunity to rethink the future of the tourism sector, including how it contributes to the sustainable development goals.