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Chinese group deal to take over Romania’s largest oil refinery fails

China Energy Company (CEFC)’s proposed agreement with KazMunayGas to take over 51% of KMG International, which controls the biggest oil refinery in Romania – Petromidia and has the second-biggest fuel distribution network in the country, has fallen through.

The deal approved by the the Romanian authorities in July 2017 was never completed as the CEFC was confronted with large financial problems at the beginning of this year, as well as investigations into suspected economic crimes committed by CEFC chairman Ye Jianming and the group faced a liquidity crisis.

Also the date by which all parties were to obtain all conditions for completing the deal expired on June 30 and was not extended.