Romania’s Government, to sell a 27% stake in Rompetrol Rafinare by auction

The Romanian state will sell by auction a 26.69% stake in Rompetrol Rafinare, the second largest oil company in Romania, which operates the Petromidia refinery. The price will be no less than USD 200 million, according to the privatization strategy adopted by the Government on Tuesday, July 28. One week earlier, Azamat Zhangulov, senior vice-president of KMG International, said that the auction for the selling of a minority stake in Rompetrol Rafinare could take place in the first half of the next year. Rompetrol Rafinare is part of KMG International, which is controlled by KazMunayGas, the state oil company of Kazakhstan. The Kazakh group has priority in acquiring the shares, according to a government decision, but only if it matches the highest bid. The Romanian state holds 45% of Rompetrol Rafinare’s shares, and will keep the remaining 18%. Romania wants USD 200 mln for stake in Rompetrol Rafinare KMG could buy Romanian state stake in Rompetrol Rafinare in 10 months Romanian Rompetrol Rafinare reaches USD 5.6 bln in sales KazMunayGas to pay USD 200 mln for part of Romania’s stake in Rompetrol, create joint fund for energy investments Rompetrol agrees to buy back part of Romanian state’s shares in refinery company after historic debt issue editor@romania-insider.com