The procedure to buy a 26.69% stake in Rompetrol Rafinare, the second largest oil company in Romania, could extend up to 10 months, said Azamat Zhangulov, president of oil group KMG International, reports local Capital.ro.

Rompetrol Rafinare is part of KMG International, which is controlled by the state oil company of Kazakhstan KazMunayGas. The Romanian state, which also owns 44.7% of Rompetrol Rafinare’s shares, now wants to sell a 26.69% stake in the company to the Kazakh group.

Energy Minister Andrei Gerea said that the state is ready to sell its shares, and added that the procedure will start and will be announced by the end of the month.

editor@romania-insider.com