KazMunayGas Preparing to Sell Half of Its European Assets, Including Romanian Refineries

KazMunayGas is preparing to partially withdraw from its European portfolio — up to 50% of its assets will be put up for sale, Orda.kz reports.

KMG International N.V., a subsidiary of KazMunayGas, will be among the assets that Kazakhstan plans to offer for sale in 2026–2027. The Agency for Protection and Development of Competition stated that up to a 50% stake in the holding that manages refining and retail assets in Europe will be offered to private investors through an open two-stage tender.

The deal is planned in order to attract a strategic partner. KMGI is currently fully owned by KazMunayGas and includes 28 operating companies in Romania, Switzerland, Bulgaria, Georgia, Moldova, Türkiye, and Kazakhstan. The holding owns two refineries in Romania — Petromidia and Vega — a petrochemical complex, terminals, and a network of 1,400 fuel stations under the Rompetrol brand, the project description states.

Earlier, we reported that KMG International has long been a source of internal disputes within the national company.

Over two decades, KazMunayGas invested about $7 billion into the Romanian refineries but never saw a return. An attempted sale of a stake to China’s CEFC collapsed, and the assets found themselves involved in scandals — from fraud allegations to industrial accidents.

In early 2025, KazMunayGas considered acquiring the Bulgarian refinery owned by Lukoil. According to Bloomberg, the deal could have been worth around $1 billion. This would have allowed KMG to double its refining capacity in Europe and reduce dependence on domestic constraints.

In addition, KazMunayGas denied rumors about buying Lukoil’s stake in Karachaganak. The company said no such negotiations were underway, and major projects such as Karachaganak, Tengiz, and the CPC continue to operate outside the sanctions list.

Original Author: Ruslan Loginov