A US investor backed by Overseas Private Investment Corporation (OPIC) might replace troubled China Energy Company Limited (CEFC) and take over 51% of KazMunayGas International (KMGI) — the vehicle that mainly operates Romania’s largest refinery Rompetrol Rafinare — from Kazakh state energy company KazMunayGas (KMG), G4media reported quoting unofficial sources.

In 2016, KMG reached an agreement on selling a 51% stake in KMGI to CEFC. However the deal was delayed first because of a corruption probe concerning KMGI’s main refinery, and more recently by financial problems at CEFC. The chairman of CEFC, Ye Jianming, is being investigated in China for alleged economic crimes.

The identity of the US investor is not clear yet, but G4media indicates emerging markets focussed investor Don Laguardia as the negotiator expected in Bucharest this week.

G4media also mentions in the context that OPIC signed a memorandum of cooperation with the Kazakh authorities in January. KMG is the current majority shareholder of Rompetrol.

There is some confusion over CEFC’s plans for its assets in the CEE region. At the end of March, Bloomberg reported that the private conglomerate — under increasing Chinese government scrutiny amid President Xi Jinping’s crackdown on deals abroad and excessive debt — intends to put the entire portfolio, valued at more than ¥20bn ($3.3bn), on the block.

However, the Czech News Agency (CTK) reported a spokesman of CEFC Europe as denying that Czech properties would be part of the sale, reportedly involving almost 100 properties including the CEFC headquarters in Shanghai, four floors of the Hong Kong Convention & Exhibition Centre and a condominium at Trump World Tower in Manhattan.

Regarding the Romanian deal, KMG indicated last month that there are still hopes of closing the transaction with CEFC. The deal under which China’s troubled CEFC is due to take over 51% in KMG International has not been cancelled but has been postponed until the end of June, KMG officials told Reuters on March 19. “Both parties are still fully committed to closing the deal in the near future,” KMG told the newswire in written comments.