The European Commission has approved the takeover of a majority stake in Romanian oil group Rompetrol by Kazakh company KazMunayGaz, Reuters reports.
The Commission has found that the European operations of the two companies complement each other and that no competition issues are to be expected following the transaction.
Rompetrol is the second biggest oil group in Romania after Petrom and runs activities in several countries in the region. It was controlled by Romanian oil businessman Dinu Patriciu, who will remain president and general manager of the group.
The takeover of the 75% shares of Rompetrol Grup NW was announced in August this year after seven months of intense negotiations. The value of the group was estimated at around 3,616 million dollars.
Rompetrol Holding retains 25% of Rompetrol Grup while KazMunayGaz will name a majority in the Rompetrol board that will reflect the new structure of the owner.
Dinu Patriciu was named President and General Director of the company, to assure the continuity of the vision and strategy in the company's leadership, a press release of the Kazakh Company informed.
Experts argued that KazMunayGaz would double its refinery capacity and invest in the European retail infrastructure while Rompetrol assures its long term access to oil providers.