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Economic Impact Assessment

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Economic Impact Assessment PREPARED BY THE BUCHAREST UNIVERSITY OF ECONOMIC STUDIES KMG International Economic Impact Assessment Executive Summary 4 About KMGI 8 Contribution to Energy Security 14 Economic Impact 22 Support to Communities 28 Appendices 33 Executive Summary 6 KMG INTERNATIONAL - ECONOMIC IMPACT ASSESSMENT NC “KazMunayGas” JSC (KMG) is the the Strategy acknowledges a high dependency of EU’s refining industry of Russian crude oil, as well national operator for exploration, as increased challenges of the EU refining sector to production, refining and transportation remain competitive, a fact which is evidenced by the of hydrocarbons in Kazakhstan, with reduction in refining capacity and foreign investment. operations in Europe and Central Asia. Competitiveness and sustainability of the refining industry and reducing dependency of crude suppliers by diversification of crude sources become of outmost importance to ensure secured and sustainable supply, KMG entered the Romanian market in 2007, through as well as affordable market prices for fuel products. the acquisition of Rompetrol Group N.V, later renamed into KMG International N.V. In Romania, the oil & gas industry has known an explosive growth between 1960 and 1980, when As of December 2015, KMG International (KMGI) five major refineries were built. These resulted in a comprises 55 entities, headquartered in 16 countries processing capacity which exceeded the national (i.e. Romania, The Netherlands, Kazakhstan, consumption and production of crude oil. As such, Switzerland, Bulgaria, Republic of Moldova, Georgia, the industry was heavily dependent on the import of Turkey, Ukraine, France, Spain, Singapore, Libya, Iraq, crude, from OPEC members and Russia, and on the Oman, Gibraltar). export of refined products on external markets, which KMGI’s activities include trading of crude oil, oil were however dominated by integrated international refining, retail and marketing of oil products in players. Romania and countries in the Black Sea Region. The refining sector has declined during 1980-1990, as Given the ownership structure, KMGI is acting as an a result of Romania’s intention to pay its foreign debts integrated company enjoying direct access to crude and subsequent interdiction of foreign exchanges. from Kazakhstan, as well as funding for strategic In order to revive the sector, in 1997 the National investments and working capital. Society for Petroleum (SNP) was set up as state owned Throughout 2007-2014, KMGI implemented successive integrated company, taking over the exploration modernization programs of its refining assets, logistic activities, as well as two refineries and an extended infrastructure, as well as for the extension of its distribution distribution and storage network. SNP become the network accounting more than USD 1.6 billion. single most integrated oil & gas company of Romania. As a result of the investment efforts, currently KMGI On the other hand, the remaining stand-alone owns one of the most complex and productive refineries were opened for privatization. The refineries in the South East Europe - the Petromidia privatization of SNP followed later on, being called for Refinery, next to the Vega Refinery, the only Romanian in the context of Romania’s accession to the EU. producer of polymer – modified road-use bitumen, The privatization process of Romanian refineries took n-hexane, as well as niche products (solvents, place between 1999 and 2004, with investors receiving environmental – friendly heating fuels). various benefits such as exemption for payment of KMGI’s distribution network includes over 1,100 fiscal debts and environmental liabilities, and in the distribution points in Romania, Moldova, Georgia, case of SNP stability of exploration taxes and royalties. Bulgaria, France and Spain. However, due to international evolutions in the oil&gas sector affecting the price of crude oil, as well as due to lack of integration and access to funding Contribution to for retechnologisation investments, only four of the Energy Security Romanian Refineries are currently still being operated The European Union’s energy policies seek to ensure by three major oil companies. reliable provision of energy whenever and wherever KMGI’s refining capacity, through Petromidia and Vega, needed, a competitive environment that ensures represents 44.6% of the total operational processing affordable prices for homes, businesses, and industries, capacity of Romania. Moreover, KMGI is able to cover 70% as well as to make energy consumption sustainable. of the current internal demand for diesel and gasoline, According to the European Energy Security Strategy, by sourcing crude from Kazakhstan to its highly versatile currently Europe has sufficient refining capacity to refinery in Petromidia. meet overall demand for petroleum product. However, According to the draft version of the National Energy EXECUTIVE SUMMARY 7 Strategy (February 2016), it is estimated that the accounted for 1% to 1.2% of the national Gross national oil reserves can cover internal demand for the Domestic Product (GDP) in the period 2013-2015. following 20 years. In order to preserve the national KMGI’s contribution to GDP includes direct, indirect resources, imports of crude carry a vital weight in and induced Gross Value Added (GVA) as well as Romania’s energy strategy as well as diversification of indirect taxation of production. sources, suppliers and routes. The total foreign direct investment of KMGI Unlike neighboring countries such as Hungary amounts to USD 1.6 billion of equity participation or Bulgaria, who are heavily relying on a single and loans placed in its Romanian entities during source of crude, in addition to its own national 2007-2011. This proved to be of critical importance resources, Romania has access to crude from for maintaining and further developing the Russia, as well as Kazakhstan. activities of two of the four main refining units in Romania, in a period marked by the financial crises KMGI’s imports from Kazakhstan cover approximately and reduced inflows of FDIs in Romania. 40% of Romania’s refinery intake. In addition, KMGI contributes to the import-export KMGI has a significant contribution to secure balance of Romania, by importing crude and Romania’s diversity of crude oil supplies and thus, to exporting secondary, high value refined products reduce vulnerability in case of an energy disruption. accounting for more than 4% of the value of exports of Crude oil reserves in Tengiz and Kashagan which stand the overall manufacturing industry in Romania. as Kazakhstan’s biggest oil producing fields can further expand sources available for Romania. KMGI is one of the biggest employers in Romania supporting directly 4,772 jobs. For each workplace In addition to the direct access to crude, KMGI is created within KMGI, an additional 2.25 workplaces making its contribution to ensuring regulated safety are created within the economy. stocks. As one of the biggest oil companies in Romania, KMGI ensures the second largest stock reserves of KMGI generates high quality employment, by fostering crude oil and petroleum products. competences of its employees, as well as focusing on their health and safety. The Group is growing a talent One of KMGI main objective is full compliance pool of experts and leaders who benefit of customized with the European Union and international support to develop their careers and to be exposed to environmental legislation. Between 2013 and 2015, international activities and projects. KMGI allocated approximately USD 90 million to address European fuel standards, legal aspects and KMGI employs a group of highly specialized workforce environmental protection. with reduced options for comparable professional reconversion, especially in the SE region which presents unemployment level exceeding national Economic Impact averages. The Group is also keen on supporting young talent (aged below 35 years), which is one of Given the nature and extent of its operations and the categories most affected by unemployment in activities, KMGI plays an important contribution to the Romania. All employees are included in performance economic growth of Romania. and career programs. KMGI is the third largest taxpayer in Romania, its Not the least, KMGI fosters multicultural diversity contribution to the national budget ranging from 2.5% through various employees’ events, such as Sports to 3% of the total Government revenues between Academy, Kazakh Film Festival or Asian New Year. 2013 and 2015. KMGI’s contribution to Government revenues, in the same period, may have accounted for the construction of 16,466 kindergartens, 10,466 Support to schools or 48 hospitals. Communities Furthermore, KMGI is authorized by Romanian authorities to operate production tax warehouses. This KMGI implemented in Romania a number of initiatives has an overall positive impact on administrative cost aimed at raising the standards in the areas of for tax collection, as the tax warehouse represents a environment, health and safety, culture, education and single and controllable point generating a predictable leadership. KMGI annual programs such as “Together value of due excises. for each and everyone”, partnership and sponsorship programs and initiatives driven by employees KMGI’s activities and investments in Romania amounted to more than USD 1.5 million/year. About KMGI 10 KMG INTERNATIONAL - ECONOMIC IMPACT ASSESSMENT Integrated State-Owned Company International Operations NC “KazMunayGas” JSC (herein after
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