News 2013
#2 (80) april 2013Rompetrol
Rompetrol, being a subsidiary of JSC NC KazMunayGas, will get full control over Romanian Rompetrol Rafinare, is underlined in KMG’s message. On February 15, 2013 Rompetrol and the Romanian government have signed a memorandum on mutual understanding on the settlement of the dispute on converting the bonds of Rompetrol Rafinare (proprietor of Petromedia Oil Refinery and Vega in Romania) in favour of the Romanian state in September 2010.
According to the provisions of the signed memorandum, Rompetrol will buy a 44.69 % interest in Rompetrol Rafinare from the Romanian government, thus receiving full control over the company. At the same time, the government of Romania will preserve the status of a minoritarian shareholder of Rompetrol Rafinare.
In addition, the sides have agreed to form a joint investment fund the primary goal of which is the development of the Romanian energy sector and strengthening of the role of Rompetrol and КМG in the region of the Black Sea and the European Union. The final agreement will be signed in the nearest future, after coordination of all technical and commercial points of the agreement.
КМG acquired the Rompetrol Group of companies in 2007. Rompetrol in engaged in operations on oil processing and marketing of refined products in 12 countries worldwide. The company’s main activity is concentrated in the region of the Black Sea, in particular, in Romania, where the company possesses two oil refineries and the branched network of gas stations. Rompetrol Rafinare, entering the Rompetrol Group, in 2010 converted the bonds issued in 2003 to the company’s simple shares in favour of the government of Romania. As a result of conversion, the Romanian government has received the status of a minoritarian shareholder of Rompetrol Rafinare, by owning 44.69 %. From the date of conversion, the sides held lengthy negotiations on the future status of the Romanian government as a shareholder and on the return redemption of shares.