KazMunaiGas affiliate company to buy 26.7% of Rompetrol Rafinare shares

ASTANA. KAZINFORM The Government of Romania approved the provisions of the memo of understanding signed last February between Rompetrol Company (a 100% subsidiary of KazMunaiGas) and the agency for state shareholdings and privatization of the Romanian Energy Ministry.
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The main provisions stipulate acquisition of 26.7% of shares of Rompetrol Rafinare (Rompetrol Group subsidiary) for USD 200 000 mln, also setting up of a joint investment fund to fulfill energy projects in Romania meeting the interests of KazMunaiGas. The share of the Romanian Government in the fund will make 20%. "We highly appreciate readiness of the Romanian authorities to search for and adoption of the mutually beneficial decision for all parties. It is a positive sign for the local business community requiring clear understanding and predictability of the country's economic environment," KazMunaiGas National Company CEO S. Mynbayev stated in a meeting with the Prime Minister of Romania held in Bucharest.

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