Kazakhstan-based state-owned oil and gas company KazMunayGas has agreed to acquire a 75% equity interest in The Rompetrol group, a multinational oil company headquartered in Amsterdam, assessed at an enterprise value of $3.6 billion.

Rompetrol Holding will continue to hold the remaining 25% equity in The Rompetrol group (TRG). The sale is conditional upon approval of the European Commission and other relevant competition authorities.

TRG will be managed jointly by its two shareholders, KazMunayGas (KMG) and Rompetrol Holding. KMG will appoint a majority of TRG’s board, which will reflect the new ownership structure. The two shareholders have decided to appoint Dinu Patriciu as chairman and CEO of the company to secure continuity of vision and strategy in the management of the company.

With this acquisition, KMG effectively doubles its refining capability by acquiring access to two of TRG’s refineries in Romania and significantly increases its retail infrastructure in European markets by acquiring access to 630 gas stations in seven European countries from Georgia to France.