Kazakh KazMunayGas (KMG) is in negotiations with the Polish oil company PKN Orlen for the sale of a stake in KMG International, former Rompetrol.
According to KMG officials the KMG International Group is in the process of updating its medium- and long-term development strategy, in line with the European Union’s objectives on energy transition and reducing greenhouse gas emissions by at least 55 % by 2030 , compared to 1990 levels. These targets are a challenge for the oil and gas industry and have many consequences for key players. They need to consider a new set of challenges related to regulations and the market, but also to expand their range of services and solutions at a much faster pace.
Another direction for KMG International involves a diversification of energy sources, such as electricity and biofuels, the latter being a key fuel for the transition to zero emissions.
One of the aspects considered and analyzed by the Group is the establishment of discussions with companies that have experience in decarbonization projects. The new strategy is being developed and it is premature at this stage to provide other information, if these discussions will be reflected in collaborations and partnerships.
