EC okays KazMunaiGaz purchase of Rompetrol
The European Commission has approved the acquisition of Romanian refiner and product distributor Rompetrol Group by KazMunaiGaz PKOP Investment NV.
LOS ANGELES, Nov. 21 -- The European Commission has approved the acquisition of Romanian refiner and product distributor Rompetrol Group by KazMunaiGaz PKOP Investment NV, a Dutch subsidiary of Kazakhstan's JSC TH KazMunaiGaz (KMG).
KMG signed an equity acquisition contract with Rompetrol Holding SA (Switzerland) for Rompetrol in August. The commission's investigation found that the transaction would not impede competition in the European Economic Area (EEA).
KMG produces crude oil and natural gas in Kazakhstan, Russia, and Azerbaijan, the commission said. KMG has a single refinery in Kazakhstan and sells petroleum products mainly in Kazakhstan, Russia, and China. It sells no products in the EU. It is also active in the transport of crude oil and natural gas by pipeline and ships.
Rompetrol, Amsterdam, is a private refiner and distributor with minor exploration and production and oil service operations. Its refining subsidiary Rompetrol Rafinare operates the 96,000 b/d Petromidia refinery north of Navodari on the Black Sea and the 10,000 b/d Vega refinery at Ploiesti, both in Romania.
The company also operates a chain of more than 600 service stations in Romania, France, Bulgaria, Albania, Georgia, and Ukraine.
The commission found that the two parties' activities in Europe are complementary. "KMG sells no crude oil or refined petroleum products in the EU, and Rompetrol sells refined products but has no production of crude oil or natural gas," it said.
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