KMG acquires remaining stake in Rompetrol

energy

KMG acquires remaining stake in Rompetrol

By SRI ⋅ June 29, 2009 ⋅

(SRI) - KazMunaiGas (KMG), Kazakhstan’s national oil company, has acquired a 25 percent stake in Romanian Rompetrol Group for an undisclosed amount, becoming its sole owner, the company said in a statement on Friday.

In 2007, KMG had bought a 75-percent stake in Rompetrol, Romania’s second largest oil company, for estimated $2.75 billion. At that time, KMG announced that the deal doubled its refining capability by acquiring access to two of Rompetrol’s refineries in Romania, and increased its retail infrastructure in European markets by acquiring access to 630 gas stations in seven European countries.

According to KMG’s statement, the latest transaction was conducted via a private transaction, but the company did not give any price details. In 2007, analysts assessed the market value of Rompetrol at 3.6 billion.

“The acquisition of the remaining stake was carried out in line with KMG’s strategy for the development of foreign-based assets,” KMG’s statement quoted the company president Kayrgeldy Kabyldin.