KazMunayGas says no imminent sale of KMGI/Rompetrol on sight

KMGI, which owns the Petromidia and Vega refineries in Romania, is operating normally, and no decision is currently being made on the privatisation of the holding, the press service of Kazakhstan's national oil and gas company KazMunayGas, which owns KMGI, said on November 25, as cited by Agerpres.

The statement addresses comments about KazMunayGas preparing the sale of 50% of its assets in Europe, with Romania's largest refinery, Petromidia, at the core.

The origin of the comments was a framework document envisaging the possible options and not specific plans, the Kazakh authorities explained.

"Developing a complex plan for the privatisation of various assets is a common practice. The list may include companies from various sectors. It is a standard and long-term process, during which numerous factors are taken into account. As for KMGI, the company is operating normally, achieving production and financial indicators. In this regard, we declare that no decision is currently being made on the privatisation of KMGI," the company's press service said.

The statement comes after the National Privatisation Office of Kazakhstan published on its website a list of assets for which it is possible to 'submit an application', including KMG International N.V., whose potential sale through a two-stage open auction, or electronic auction, or direct targeted sale is planned for 2026-2027.

On November 22, Kazakh media reported that KMG International NV (KMGI), the wholly owned subsidiary of KazMunayGas, would be a key component of the sale, which Kazakhstan plans to carry out in 2026-2027. The Agency for the Protection and Development of Competition confirmed that the two-stage open auction will allow private investors to acquire up to 50% of the holding, which oversees refining and retail operations in Europe.

(Photo source: Facebook/Rompetrol-KMG International)