KazMunayGas International (KMGI) and Societatea de Administrare a Participaţiilor în Energie (SAPE) which is owned by the Ministry of Energy have signed on 26th October 2018 the association agreement for the establishment of The Kazakh - Romanian Energy Investment Fund, in accordance with the provisions of the Memorandum of Understanding* signed between the Romanian State and KMGI (former Rompetrol Group).
Over a 7-year period, the Kazakh - Romanian fund has an estimated investment level of about $ 1 billion. KMGI's contribution to the fund's capital is $ 150 million.
The main objective of the fund is to develop energy projects, thus contributing positively to the development of the Romanian energy sector as well as to strengthening the energy security of the country by diversifying supply sources of crude oil and to consolidate a favorable investment climate in Romania.
* Memorandum of Understanding between KMGI (former Rompetrol Group) and the Romanian State concluded in 2013 stipulates the privatization mechanism of the shares owned by the Romanian State in Rompetrol Rafinare SA and the creation of a joint energy investment fund.