The shareholders and the management of the Midia Marine Terminal (MMT) SRL, held by KazMunayGas International Group intend to change the Midia Port terminal into the most important energy hub at the Black Sea, thanks to a portfolio of investment projects aimed to be launched in 2018, to develop and expand the operation and interconnection capacities.
The managing director of the MMT, Ioan Taus stated in a news conference in Midia Port staged to celebrate 10 years of activity of the only cryogenic terminal at the Black Sea that for 2018 the company intends to launch a eight-project package for the development of the operation capacity of the company, at the same time offering the possibility to provide services to the third parties, which will transform the terminal into the most important energy hub at the Black Sea through which the resources exploited on the Black Sea continental shelf and the ones to be transported, thanks to the Chinese initiative called New Silk Road, could transit through Europe.
"We currently operate as a tax warehouse for oil products for Petromidia only, but we do have the operational capacity to provide services to third parties. In the past ten years since establishment, we have operated over 35 million tonnes of oil and finite products, and through the three terminals with the Midia Port 550 ships transit yearly, and at the offshore terminal, placed at 4 nautical miles off the coast, another 350 ships do couple yearly and we transit over 5 million tonnes of products, all with a 7,000 cubic metre per hour operation rate. The terminal's overall operation capacity is 16 million tonnes/year and we use it exclusively to transit our goods around 5 million tonnes per year, which gives us the availability to unfold commercial agreements with other beneficiaries, too," said Taus quoted by Agerpress.
Referring to this aspect, the KMG International Vice-President, Catalin Dumitru asserted that the operations' expanding plans in Romania and abroad, including the activity of the Midia Maritime Terminal's, are connected with the finalisation of the majority stake's transfer to its new Chinese owner.
"All of these projects have to do with the development to receiving a larger amount of oil and increasing the export capacity, and these plans are obviously connected with the investment support we'll have thanks to the fact that 51 percent of the KMG International Group's stakes is to pass into China Energy Financials & Company (CEFG) portfolio. We estimate that all official diligence will be settled and all approvals will be obtained for this operation, by this summer's end, or at most the beginning of this fall, and so we'll have the opportunity to be together with this important Chinese investor and develop our group's activity in both the refinery and the petrochemical areas, the distribution networks, the storage and transport capacities and even the purchases of new structures in this market," Catalin Dumitru concluded.