KazMunaiGaz controls now Rompetrol 100 pc
June 29. Nine O’Clock
by Anca Bernovici
Businessman Dinu Patriciu sold to KazMunaiGaz (KMG) his participation of 25 per cent he was still owning in The Rompetrol Group, and following this transaction, the Kazakh state run company has full control over the oil group.
“In keeping with the initial terms of the contract signed in august 2007 with KMG company, based on which they purchased 75 per cent of The Rompetrol Group (TRG) from Rompetrol Holding SA, I decided to exert my sale right towards KMG in relation to the balance represented by 25 per cent participation in The Rompetrol Group”, as Dinu Patriciu, CEO of The Rompetrol Group, said in a press release sent this Friday to Bucharest Stock Exchange.
In another press release, sent by KMG, the company mentioned that the transaction addressing the acquisition of the 25 per cent participation was completed. KMG CEO, Kayrgeldy Kabyldin, added that the Kazakh group would continue the reconstruction projects of Petromidia refinery, the oil marine terminal in Midia Port and the expansion of the Rompetrol petrol station network in the local market and abroad. “The acquisition of the balance held in Rompetrol is in line with KMG strategy addressing the development of assets abroad”, according to Kabyldin.
Patriciu thus leaves The Rompetrol Group, which he had control on since 1998, and KMG owns the entire group.
The parts did not reveal either the time of sale or the value of the transaction.
The businessman shall focus, after leaving the shareholders board of Rompetrol, on activities in the European real estate market, mass media and in other important projects in energy. In order to inform about the transaction, the board of BVB suspended on Friday, around 14: 15, the shares of Rompetrol Rafinare (RRC) and those of Rompetrol Well Services (PTR) from trading, the transactions with shares of the two companies resuming today. The Rompetrol Group owns 50.59 per cent of Rompetrol Rafinare Constanta and 51 per cent of Rompetrol Well Services. KMG, based in Kazakhstan, bought 75 per cent of The Rompetrol Group in August 2007, against USD 1.6 bln. The Rompetrol group is active in several states, the most important operations being located in Romania and in France. The group conducts activities also in Spain, Georgia, Albania, Republic of Moldova, Ukraine, Cyprus, Switzerland, Libya, Russia, Kazakhstan and Bulgaria.