KazMunaiGaz gets nod for Rompetrol buy

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Anthea Pitt

 19 November 2007 16:00 GMT

Kazakhstan's state-owned KazMunaiGaz has been given the green light by the European Commission to buy a slice of Romanian oil outfit Rompetrol.



KazMunaiGaz will take a 75% stake in the company, which is based in the Netherlands. Rompetrol has valued the deal at $3.6 billion, according to the company's auditors.

"The parties' activities in Europe are complementary. KazMunaiGaz sells no crude oil or refined petroleum products in the EU and Rompetrol sells refined products but has no production of crude oil or natural gas," the European Union's top competition watchdog said in a statement.

The proposed operation would not give rise to vertical competition problems, as KazMunaiGaz 's share of the upstream market…

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