Romanian businessman Dinu Patriciu has sold his remaining 25% stake in oil group Rompetrol to KazMunayGas (KMG), the majority shareholder, a Rompretrol press release says. The state-controlled Kazakh company thus becomes to fully control the Rompetrol Group.
The press release does not mention the value of the transaction.
It says that according to initial terms of the contract signed with KMG in August 2007, by which the Kazakh company bought 75% of the Rompetrol Group from Rompetrol Holding SA, the businessman decided to use his right to sell the rest of the shares he was still holding to KMG.
KMG head Kayrgeldy Kabyldin said that the deal is in line with the company strategy to develop its assets abroad. He said the group will continue the reconstruction program at the Petromidia refinery, at a port terminal in Midia, both in Romania, and the extension of the Rompetrol gas station network.
Dinu Patriciu said his decision to sell comes as part of a broader business strategy. He said he planned to focus his efforts in three major sectors: European real estate, mass media and a number of other projects in the energy sector.
He said the current economic and financial environment worldwide offered exceptional opportunities for investors with major liquidity and that he was actively involved in the development of new projects needing full time and attention.
Earlier this month Patriciu had dismissed information about the selling of the Rompetrol stake.
The Bucharest Stock Exchanged suspended Rompetrol Rafinare and Rompetrol Well Services trading at 2.15 p.m. on Friday as an important announcement from the two companies was expected.