Rompetrol Group, owned by oil and gas company KazMunayGas, has signed a memorandum of understanding with the Romanian state to buy back a part of the state-owned stake in Rompetrol Rafinare.
The state will remain a significant shareholder in the Constanta-based company that operates the Navodari and Vega Ploiesti refineries.
Romania became in 2010 a shareholder in Rompetrol Rafinare with a stake of 44.69 percent, following the conversion of bonds into shares issued in 2003.
“We appreciate the openness and collaboration of the Romanian Government in identifying and finding a solution beneficial to both parties, a necessary step for the development of economic relations between Romania and Kazakhstan. The solution now allows us to focus on the expansion of The Rompetrol Group in the Black Sea region, and its consolidation as a platform meant to develop the activities of KazMunayGas and of the presence of Kazakhstan in the European Union” said Daniar Berlibayev, first deputy chairman of the Board of Directors of KazMunayGas, the oil and gas company of Kazakhstan.
Rompetrol said the final agreement would be concluded in the near term, pending approval from authorities and KazMunayGas.
Law firms Tuca Zbarcea & Asociatii and NNDKP advised Rompetrol on the deal.
Shares in Rompetrol Rafinare rose by 6.62 percent to RON 0.0580 in late Friday trading on the Bucharest Stock Exchange.