KMG could claim damages up to 2 billion dollars in Rompetrol arbitration – Romania, 14 September 2016

KMG International Vice-President Azamat Zhangulov said that the company is waiting for someone from the Romanian Government to discuss the situation on the company’s assets in Romania, which are seized by the prosecutors from the Directorate for Investigating Organized Crime and Terrorism (DIICOT) in ongoing investigation on possible tax fraud during the privatization of the country’s largest oil refinery Petromidia, which is now part of KMG international.
Kazakh state-owned oil company KazMunayGas, which owns KMG International, previously announced that it will launch procedures for legal action against Romania. Now, the company warns the state that it could request damages in the amount of up to 2 billion dollars from the Court of Arbitration in Washington (ICSID).

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