KazMunayGaz (KMG) is a Kazakh state-controlled company currently expanding at a rapid pace. In August this year, KMG started works at a gigantic petrochemical complex valued at 5.2 billion USD, near the city of Atyrau and close to the energy fields of Tengiz and Kashagan which will supply it with oil and natural gas.
The new complex is expected to export 50% of its production to China, 25% to Europe and 15% to Russia.
Morgan Stanley, named to provide consulting services for the sale of Rompetrol shares, said in April that there were six offers for a large stake in Rompetrol, possibly including Gazprom.
Since the beginning of the year, rumor had it on international market that Rompetrol would sell 10-25% of its shares in a trade aimed at boosting funds to support further development in the company.
The Wood & Company investment bank expected Rompetrol would earn 140 to 472 million euro following such a trade.
The Kazakh company is one of the largest in Central Asia and has been trying to enter European markets for several years. It also submitted offers for Unipetrol (the Czech Republic) and Mazeikiu Nafta (Lithuania) but without any success.
Source: http://english.hotnews.ro/Romanian-businessman-Dinu-Patriciu-sells-75-of-Rompetrol-to-Kazakh-company-KazMunayGaz-articol_45759.htm
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