Kazakh energy giant plans partial sale of European refineries, retail network

Kazakhstan's national oil and gas company KazMunayGas is set to partially divest its European assets, with plans to sell up to 50% of its holdings.

KMG International NV (KMGI), a fully owned subsidiary of KazMunayGas, is expected to be a key component of the sale, which Kazakhstan intends to execute in 2026–2027. The Agency for Competition Protection and Development confirmed that a two-stage open tender will allow private investors to acquire up to a 50% stake in the holding, which oversees refining and retail operations across Europe, Caliber.Az reports, citing Kazakh media.

“The transaction is intended to attract a strategic partner. Currently, KMGI is wholly owned by KazMunayGas and comprises 28 operating companies across 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 gas stations under the Rompetrol brand,” the asset passport notes.

KMGI sources crude oil both domestically from Kazakhstan and from international suppliers. The Romanian refineries underwent modernization prior to similar upgrades at KazMunayGas facilities in Atyrau, Pavlodar, and Shymkent. Between 2017 and 2021, KMGI’s annual revenue fluctuated between $4.8 billion and $11.6 billion, reflecting the holding’s significant role in Kazakhstan’s overseas energy portfolio.

This planned divestment is part of KazMunayGas’s broader strategy to attract strategic investment and enhance the operational efficiency of its European operations while maintaining a strong presence in the global energy market.

By Vafa Guliyeva