Romania: KMGI spent $100mn in developing Midia marine terminal

KMG International (KMGI) has invested over $100 million (89 million euro) in the Midia marine terminal in the Black Sea during 2007-2017.

The volume of the unloaded crude by KMG International through the Black Sea offshore terminal has reached over 32 million tons since 2009, explained KMGI in a press release.

"In 10 years since the since the start of the operations carried out in the Black Sea, the records have increased yearly. In 2016, the total quantity transferred through all the terminals operated by Midia Marine Terminal was of over 11 million tonnes of crude and petroleum products," said Midia Marine Terminal general manager Ioan Taus.

With an estimated transfer capacity of 24 million tonnes per year, the oil terminal can receive ships up to 160,000 dead-weight tonnes (dwt), reports See News.

According to the company, the $100 million investments was fully recovered in just five years after its commissioning.

KMGI owns filling stations chain Rompetrol and operates two oil refineries in Romania, Petromidia Navodari and Vega Ploiesti. It also owns filling stations in Moldova and Bulgaria and France via Dyneff company. In July KMGI sold a 51% stake in Dyneff to CEFC.