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Rompetrol enters the Kazakh age: new owners outline their plans for the business

08.07.2009, 20:39 14

However, in the front rows in Petromidia's conference room, where 30 years from the moment when the first installation had been turned on were being celebrated, there were also people in starched suits, wearing ties - the new owners of a business that was considered Romanian and especially regarded as behind held by a Romanian. Unlike the new owners of Petromidia, Patriciu was wearing a comfortable flax suit and had two shirt buttons unbuttoned.
"Alexandru Nicolcioiu (chairman of Rompetrol's Board of Directors) is the father of the refinery, I was the godfather," Patriciu said to a room full of former or current managers of Rompetrol and of many Petromidia employees, after a press conference during which part of the plans of the new sole owners of the Rompetrol group, the Kazakhs at KazMunaiGaz, were unveiled.
This was the first press conference at Rompetrol where Russian was the official language, and the opening speech no longer came from Patriciu, but from the KazMunaiGaz chairman Kabyldin Kairgeldy.
"Good evening dear gentlemen and ladies," the KMG chairman started, reading off some sheets of paper. "On June 24 we completed the deal for 20% in Rompetrol." Some eyebrows were raised. "In December 2007 we had the first repurchasing tranche." Nobody could understand anything any longer. After a few moments of confusion, Patriciu lost his temper and demanded that the female translator who had a strong Russian accent be replaced.
The conference continued. The new CEO of the Rompetrol petroleum group was announced, who did not say even a word unless asked a question, Kazakh Saduokhas Meraliyev, as well as the fact that Patriciu would not leave Rompetrol as he remained a member of the board.
"You don't just leave your baby to their own devices. You look after them all your life, but anyway, I had stopped being operationally involved in the company a long time ago," Patriciu said. He added the company would be run by the board of directors, now almost entirely comprised of Kazakh members, but the businessman was convinced it would be a little while before the executive reins of the company would go to a Romanian again.
The Kazakhs did not say much about what they planned to do at Rompetrol, they merely hinted they would pay the 600 million euros to the Romanian state for the bonds issued for Petromidia in 2003, that they would not make anybody redundant and that Patriciu would not be the only change they would make among top executives at Rompetrol.
"We have no plans to sell stakes in Rompetrol to other companies, however, everything is bought and sold. If we get a good offer, we will consider it," KMG's chairman said.

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