KazMunaiGas’s possible loan for Rompetrol majority stake, speculations, oil mogul says

The deal will be clinched as soon as the European Commission approves it, Patriciu added. He noted everything was arranged so that the deal can be completed the moment EC will give its consent on it.

EC received papers concerning the deal both KazMunaiGas and Rompetrol submitted and its decision will be made public on November 20, according to an EU official.

Interfax newswire last week said Kazak-based KazMunaiGas wants to contract a 3 billion U.S. dollars loan to finance the acquisition of 75 percent of The Rompetrol Group NV.

KazMunaiGas clinched the deal with Rompetrol Holding for the takeover of 75 percent of The Rompetrol Group NV at the end of August.

Following the transaction, Dinu Patriciu stands to cash around 2.17 billion U.S. dollars (1.59 billion euros) though no price has been made public. Of the 75 percent sold to KazMunaiGas, 60 percent of the shares belonged to Patriciu and 15 percent to other shareholders.

The Rompetrol Group holds a majority stake in oil refinery Petromidia, which posted 37.3 million lei (12 million euros) net profit in the second quarter of the year on revenues of 1.12 billion lei.

KazMunaiGas was established in 2002 through presidential decree. The company is the result of the merger between KazakhOil and Oil and Gas Transportation Company.