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March 2, 2021

KazMunayGas: Dispute with Romanian government on Rompetrol will not prevent sale of shares to Chinese company

The litigation with the Government of Romania will not affect the sale of 51 percent of the shares of the Rompetrol Company to China’s CEFC, KazMunayGas vice chairman of the Board Daniyar Berlibayev says, according to the Kazakh news website Informburo.kz.

CEFC and state-owned KazMunayGas of Kazakhstan (owner of Rompetrol) agreed in April on the sale of 51 percent of KMG International (fully owned by KazMunayGas) for 680 million dollars. Berlibayev was confident that the deal could be completed by the end of 2016.

“The transaction will not be endangered. We have proposed to finalise it in September – October, by the end of the year. Which is why we believe that by then everything will be solved. Now we are in the final phase of the transaction,” he asserted.

In his opinion, Romania’s Government is trying to revive the idea that the privatization of the Rompetrol in 1999-2003 was unlawful.

“We have purchased the company in 2007. We had the necessary approvals from Romania’s authorities and from the European Commission, because the decision was taken at the EC’s level. Therefore, we consider ourselves a purchaser in good faith. We did appeal. In reality, we have no right suspended, only that we are having a precautionary attachment on our shares because of that ongoing investigation,” the KazMunayGas official explained.

Upon purchasing Rompetrol, KazMunayGas got guarantees from the Romanian authorities that the company on sale had accomplished all its obligations to the state, KMG International vice chairman Azamat Zhangulov declared Thursday in an interview to Agerpres.

He asserted that the lawsuit in the Rompetrol case should not harm the company’s current activity, but due to the precautionary attachment on the group’s assets, the company cannot make any investments.

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