On the transaction between KazMunayGas” and CEFC China Energy
JSC "National Company "KazMunayGas” and CEFC China Energy formally announce that the transaction of purchasing 51% interest in KMG International N.V. will not be completed. The dealine for compliance with the conditions precedent expired on 30 June 2018, and the parties have agreed not to extend the period of their fulfillment. As of today, all rights and liabilities of the parties in respect of the transaction have terminated.
The decision above does not influence KMG International N.V. group's operations and it will continue its operations within the asset system of JSC “National Company “KazMunayGas”.
KMG, the National Oil and Gas Company of the Republic of Kazakhstan, is Kazakhstan's operator for exploration, production, refining and transportation of hydrocarbons, representing the state in Kazakhstan's petroleum sector. National Company "KazMunayGas" is a vertically integrated oil and gas company, carrying out the full production cycle, from hydrocarbons exploration and production, their transportation and processing, to rendering specialized support sector services.
KMG International N.V. – the group's core operations are oil refining, marketing and performing trading operations in international markets. The group's retail network, operating under the Rompetrol brand, includes over 1,100 fuel-distribution points in Romania, Georgia, Bulgaria and Moldova. The company's core operations are concentrated in the Black Sea region, where it owns two refineries. Another focus area is exploration works, industrial services in EPC and well-bore servicing.