Romania: The Government approved the sale of shares of Rompetrol refinery

, SEE Energy News

The Romanian Government has approved the strategy of selling part of the state shares in Rompetrol Constanta Refinery, the second largest oil producer in the country. The majority owner of the refinery is KMG International, which is controlled by Kazakh state company KazMunayGas.

The minimum price for the sale of minority package of state-owned shares (26.7%) is set at 200 million dollars. At this moment the state is the owner of 44.7% of the company.

The sale will be made through auctions and the competence of the Ministry of Energy.

Kazakh group has a right of pre-emption, but only in the case of matching the most favorable offer.