The Investment Fund is built upon a transparent investment policy, with clear criteria and mechanisms for evaluating the investment projects, both parties having equal rights to propose projects for financing. Moreover, SAPE representatives have the right to veto investment projects based on grounds involving national security.
The Board of Administration discussed and approved in principle the main investments of about 230 million USD to be supported by the Fund in the near future for the building of a cogeneration plant on the Petromidia platform and the development of a chain of local filling stations.
With an implementation period of four years, the cogeneration plant (which generates combined electricity and heating) will provide heating and hot water to the residents of Navodari, as well as electricity and technical steam for the Petromidia platform, which are required to support the petroleum production business. At the same time, it will also play a part in stabilizing the generation and distribution of electricity in the Dobrogea region.
The new plant will comply with the highest technological, energy efficiency and environmental standards, and will be built in cooperation with the Midia Power Plant – currently owned by the Ministry of Energy (56.58%) and KMG International (43.42%). It will work with natural gas.
Another avenue for investment agreed on Monday, 25th February was the development of a number of filling stations in Romania, with an implementation period of around 5 years and will benefit from the supply of fuels produced by Rompetrol Rafinare at the Petromidia Navodari refinery– the largest of its kind in Romania and one of the most advanced in the Black Sea region. The main shareholders of Rompetrol Rafinare SA are KMG International (54.63% - directly and indirectly) and the Romanian Government, through the Ministry of Energy (44.7%).
The new filling stations will be operated under the Rompetrol brand and standards and will lead to the creation of more than 1000 new jobs, with thousands of people being involved in various development stages (design, execution, building) and commercial activities.