July 12, 2018 / 2:27 PM / a year ago

KazMunayGaz still plans to buy another 27 percent stake in Rompetrol from Romania

MOSCOW (Reuters) - KMG International (KMGI), a subsidiary of Kazakh state oil company KazMunayGaz, said on Thursday it still plans to buy another 26.7 percent of Rompetrol Rafinare S.A. from the Romanian government.

KazMunayGaz and Romania agreed in 2013 that the Kazakh company would acquire 26.7 percent in Rompetrol Rafinare for $200 million and set up an investment fund with capital of $150 million and assets worth up to $1 billion.

KazMunayGaz already owns 54.63 percent of Rompetrol Rafinare via KMGI. The Romanian government controls 44.68 percent.

“The 2013 memorandum is still in force. The work to set up a joint investment fund and acquisition of the shares from the Romanian government, is under way,” KMGI said in emailed comments to Reuters.

It added that it plans to complete those goals in 2018-2019.

KazMunayGaz had planned to sell a 51 percent stake in Rompetrol, however the deal never came to fruition.

Rompetrol Rafinare S.A. owns the Petromidia refinery, Vega refinery and Rompetrol Petrochemicals.

Reporting by Alla Afanasyeva; writing by Vladimir Soldatkin; Editing by Susan Fenton

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