The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Kazakhstan: KazMunaiGas spreads its wings

In a further sign of the burgeoning geographic ambitions of companies from Kazakhstan, oil and gas firm KazMunaiGas (KMG) has bought a 75% stake in Romania’s Rompetrol Group.

Majority shareholder and Rompetrol chief executive Dinu Patriciu is reported to have sold his holding for $2.7 billion in a deal that will give KMG enhanced access to the downstream market in western as well as central and eastern Europe. However, the National Securities Commission in Bucharest is investigating a surge in Rompetrol’s share price less than an hour before the deal was ratified. A statement from the NSC says: "The shares rose in an extremely short time, only 20 minutes, to the level at which trading is automatically suspended." It adds that it "has been asked by the capital markets and the stock exchange to analyse and identify if the law was disregarded". Rompetrol’s shares have soared 40% since news of the deal broke.

On paper, at least, Rompetrol Group seems a good fit with KMG, which will be able to double its refining capacity as well as gain access to Rompetrol’s 630 filling stations in Albania, Bulgaria, Georgia, Moldova and Ukraine as well as France and Spain. For its part, Rompetrol Group will benefit from guaranteed access to Kazakh oil and cheap capital to increase its refining capacity and expand its retail network.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree