KMG close to acquiring Lukoil’s fuel network in Romania

The Kazakh state-owned group KMG, which owns the Romanian Rompetrol group, has reportedly reached an agreement with the Russian oil company Lukoil on the takeover of the petrol stations it operates in Romania.

At the end of 2022, the Shell group was among those interested in the acquisition of Lukoil’s fuel network in Romania. It is not clear whether the reported agreement with KMG includes all of 315 Lukoil’s petrol stations in Romania.

The 315 stations operated by Lukoil have very good locations, some right in the centre of the cities, making them attractive as future locations for electric car chargers as well.

However, the takeover of Lukoil’s fuel network in Romania would address a more stringent problem of KMG: namely investing, through the Kazakh- Romanian Energy Investment Fund (FIEKR, owned in partnership with the Romanian state), in 80 petrol stations under the Rompetrol brand.

KMG committed to carrying out through these investments under a broader arrangement involving historic debts of the Petromidia refinery.