- Two projects worth $43M will enhance production at Petromidia Năvodari refinery.
- A $35M dewaxing plant will improve diesel and jet fuel output by September 2022.
- An $8M project will convert HDPE to PP, increasing polymer production by 30% by June 2021.
- The Kazakh-Romanian Energy Investment Fund aims to invest $1B in local energy projects over 7 years.
Investment Overview
The Kazakh-Romanian Energy Investment Fund (FIEKR) has approved two new projects totaling $43 million to enhance the Petromidia Năvodari refinery's production processes. These projects aim to create synergies and economic value for the refinery and its stakeholders.
Dewaxing Plant
The first project involves constructing a dewaxing plant on the Petromidia platform, costing approximately $35 million. This plant will improve diesel fuel production during winter and increase aviation jet fuel output, enhancing local energy security. The project is expected to be completed by September 2022, with 30% of the funding from the Fund and the rest from local and international financial sources.
Polymer Production Increase
The second project focuses on increasing polymer production by over 30% within the refinery's petrochemical division. This $8 million investment will convert the high-density polyethylene (HDPE) plant into a polypropylene (PP) plant, raising annual production capacity from 90,000 to 120,000 tonnes by June 2021. The project will be fully financed by the Fund's resources.
Fund's Long-term Goals
Established in October 2018, the Kazakh-Romanian Energy Investment Fund aims to invest around $1 billion in local energy projects over seven years. Previous investments include a cogeneration plant and a local gas station network. The cogeneration plant will meet high standards of energy efficiency and environmental protection, providing thermal and domestic hot water to Năvodari town and supporting the refinery's operations.
Future Plans
The Fund plans to expand its fuel distribution network to 84 gas stations in Romania over the next five years, creating over 1,000 new jobs and involving more than 5,000 people in various development phases. Currently, the Fund's total investment in approved energy projects stands at $290 million.
