Petromidia Refinery, Photo: Rompetrol
The national oil and gas company from Kazakhstan, KazMunayGas, is going to give up part of its European assets, including Romania, intending to sell up to 50% of its holdings, the Kazakh press announced, informs the website caliber.az, quoted by Agerpres.
KMG International NV (KMGI), the wholly-owned subsidiary of KazMunayGas, is said to be a key component of the sale, which Kazakhstan plans to complete between 2026 and 2027. The Agency for the Protection and Development of Competition confirmed that the two-stage open tender will allow private investors to acquire up to 50% of the holding company, which oversees refining and retail operations in Europe.
“The objective of the transaction is to attract a strategic partner. Currently, KMGI is fully owned by KazMunayGas and is made up of 28 companies from Romania, Switzerland, Bulgaria, Georgia, the Republic of Moldova, Turkey and Kazakhstan. The holding owns two refineries in Romania – Petromidia and Vega – a petrochemical complex, terminals and a network of 1,400 gas stations under the Rompetrol brand”, announce the authorities in Kazakhstan.
KMGI is supplied with crude oil both from Kazakhstan and from international suppliers. After the modernization of the refineries in Romania, similar works were carried out at the KazMunayGas facilities in Atyrau, Pavlodar and Shymkent. Between 2017 and 2021, KMGI's annual revenues fluctuated between $4.8 billion and $11.6 billion, reflecting the holding's significant role in Kazakhstan's external energy portfolio.
This planned transaction is part of a broader strategy of KazMunayGas to attract strategic investments and improve the operational efficiency of its operations in Europe, while maintaining a strong presence in the global energy market.
