KMG International
Explosion at the Romanian Petromidia Refinery on the Black Sea coast
A large explosion occurred at the Romanian oil refinery Petromidia in Navodari, Romania - on the coast of the Black Sea. This was reported by the Romanian media digi24.ro.
According to initial data, the explosion was followed by a fire. A video with the consequences of the explosion also appeared on social networks.
Chinese Seal Major Romanian Energy Acquisition
Romania on Thursday approved China Energy Company Limited's purchase of a majority stake in KMG International, by which it will obtain control of the Romanian energy company Rompetrol Rafinare.
Kazahstan-based KMG International owns 48.1 per cent of Rompetrol Rafinare, with the Romanian state owning another 44.7 per cent. Other share holders hold the rest.
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Romanian Court Rejects Oil Company's Insolvency Request
The Bucharest County court on Tuesday rejected the request for insolvency filed by the Romanian oil company Rompetrol SA, which is part of the Netherlands-based oil and gas group KMG International.
The reasoning of the judges had not been made public so far, but Rompetrol has seven days to appeal.