KazMunaiGas to decide in the future on Rompetrol full acquisition

The Kazakh national natural gas operator, KazMunaiGas, will decide at one point in the future whether it will buy the remaining 25% of the Romanian oil refining and distribution company Rompetrol, said the KMG president, Uzakbay Karabalyn, while visiting Bucharest on Thursday, NewsIn informs.

KMG signed the agreement to acquire 75% of Rompetrol on August 24. Some of the money was already paid, while the rest was hold in expecting the European Commission decision on the legality of the transaction. EC approved on Monday the acquisition contract, deciding that the operations of the two companies are complementary.

„We have the right to buy, but we’ll establish what we have to do as the project continues”, said the KMG head. According to his statements, the remaining payments towards Rompetrol will be made by Friday (November 23).

The KazMunaiGaz president also mentioned that the strategic planning for Rompetrol is very well shaped and that his company will continue to support the existing projects. „It is not our intention to bring many people in the management team. We will maintain all those who had a valuable contribution”, said Uzakbay Karabalyn.