KazMunayGas Buys Remaining Stake In Rompetrol Group

Kazahstan's KazMunayGas (KMG) acquired the 25% stake it did not own in The Rompetrol Group (TRG) from Rompetrol Holding, thus becoming the sole shareholder of the Dutch-based company that owns the second-largest oil group in Romania.

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Imaginea articolului KazMunayGas Buys Remaining Stake In Rompetrol Group

KazMunayGas Buys Remaining Stake In Rompetrol Group

Rompetrol Holding is fully-owned by Romanian businessman Dinu Patriciu, the founder of Rompetrol group and its current chief executive.

The share purchase was conducted as a private transaction and is based on the terms of the initial agreement which was signed in August 2007, under which KMG acquired 75% stake in TRG from Rompetrol Holding SA, KMG stated Friday.

The deal financial terms were not disclosed.

In 2007, KMG paid $1.6 billion for the 75% stake in Netherlands-registered Rompetrol Group NV.

"KazMunayGas remains the largest foreign investor in Romania and will continue to implement investment projects of the program for reconstruction of Petromidia refinery, use of marine terminal at the port of Midia and expand the retail network of Rompetrol petrol stations in Romania and beyond," KMG President Kayrgeldy Kabyldin said.

Early June, Rompetrol representatives denied media reports according to which Patriciu was in talks with KMG to sell the rest of the shares. Also, "there are no major management changes forecast in the next period,” the company said at that time.

On Friday, Dinu Patriciu said he would continue to support KMG during the transition period, until a new CEO will be designated. 

The Rompetrol Group operates in 13 countries and employs over 8,000 people. Its main assets are located in Romania, France and southeastern Europe.

In Romania, Rompetrol owns two refineries, Petromidia and Vega.

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