Baku, Azerbaijan, April 21
By Elena Kosolapova – Trend:
The transaction for the sale of KMG International N.V.’s controlling stake is at the final stage, Kazakhstan’s KazMunaiGas national company said Apr. 21.
KMG International N.V. (formerly known as Rompetrol Group N.V.) was acquired by KMG in 2007. The company owns two refineries in Romania and filling stations in the EU countries.
KazMunaiGas signed an agreement to sell 51 percent of KMG International N.V.’s shares to CEFC China Energy Company Limited in April 2016.
According to the agreement, a joint venture is being established between KMG and CEFC China Energy Company Limited with 49 percent and 51 percent, respectively on the basis of KMG International N.V.
As part of the reached agreements, the Chinese company undertakes a number of obligations. According to the obligations, the company will invest in the European countries and the countries along the Silk Road.
Initially, the transaction was planned to be completed by October 2016.
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