The Board of the Kazakh-Romanian Energy Investment Fund approved two investment projects totaling around 230 million dollars last week, according to a Fund's press release issued on Wednesday for AGERPRES.
It is about the construction of a cogeneration plant on the Petromidia platform [south-east of the country, at the Black Sea] and the development of a local gas station network.
The Board of the Kazakh-Romanian Energy Investment Fund met last week in its first working meeting since its establishment in October last year, in which the main directions of development for the next period were approved.
"It is a major step for the local energy sector, demonstrating the commitment, trust and willingness of its shareholders to invest and contribute to the economic development of Romania. In the next period, the Fund's objective will be to rapidly implement the approved investments and to identify other investment opportunities in the energy sector," Iskander Abdibaitov, the Fund's General Manager, said in a statement.
The two shareholders of the Fund are the Energy Ministry, through the Energy Interests Management Company (20pct) and KMG International (80pct), which is part of the Memorandum of Understanding signed by the two sides in 2013.
Over a 7-year period, the Kazakh-Romanian Fund has an estimated investment level of about one billion dollars.
The main priority of the fund is the development of energy projects, thus contributing to the development of the energy sector in Romania, as well as to the consolidation of the country's energy security by diversifying the sources of oil supply and strengthening a favorable investment climate in Romania, the quoted release reads.