Activities carried out by the two companies are complementary on the European market, the body deemed. Kazakhstan’s state-owned KazMunaiGas bought 75 percent of Rompetrol on August 27 uttering interest in the Petromidia oil refinery, one of the most important assets of the group.

State-owned KazMunaiGas is involved in oil and gas production in Kazakhstan, Russia, Afghanistan and it also sells oil derived products to these markets and China, but not to the European market. Rompetrol is active on the Southeast European market.

The European Commission’s Competition Department said at the end of August it was not informed on the deal, press officer explaining the EC has full jurisdiction over mergers between companies whose revenues exceed 5 million euros.

The official, Audrey Lemonnier, said companies must calculate their revenues and, depending on the amount, notify either the European Commission or the competition bodies existing in their countries when such major deals happen.

The Rompetrol Group posted revenues of 3.8 billion U.S. dollars in 2006. The company expects revenues exceeding 7.3 billion euros this year.

Dinu Patriciu, the head of The Rompetrol Group, will remain a significant shareholder and CEO of the group following the sale of a majority stake, a transaction that propelled him to the top of the heap in terms of the richest individuals in Romania.

Following the transaction Patriciu will cash 2.17 billion U.S. dollars (1.59 billion euros). Of the 75 percent sold to the Kazakhstan state-owned company, 60 percent of the shares belonged to Patriciu and 15 percent to other shareholders. Before the deal Patriciu owned 80 percent of the group, leaving him with a 20 percent post-sale stake.