Dinu Patriciu pulls out of Rompetrol�s corporate governance

Romanian tycoon Dinu Patriciu said earlier today he had sold the 25% equity stake in Rompetrol to KazMunaiGaz, thus exiting the oil business.

A new CEO will be appointed at the helm of Rompetrol Group

“Even since August 2007, when KMG acquired a 75% equity stake, we remarked their thorough expertise, experience and above all its commitment to the company’s success that KMG invested in TRG. I am confident I am leaving the company in good and capable hands”, said Dinu Patriciu.

Also known as the wealthiest Romanian, Patriciu said he would further offer his total support to KMG, throughout the entire transition period, until a new person takes CEO office.

“Ever since I took over the full control on Rompetrol in 1998 until now, I transformed a company that was deemed by World Bank as being on the verge of collapse, a ruined, lost asset into a modern European successful business that operates in 13 countries at the highest competition standards. I had the certainty that KMG and I are sharing the same commitment and trust in the future of Rompetrol”, said Patriciu.

He added that the decision to offload the remaining stake in Rompetrol was part of a broader business strategy.

“I plan to focus my efforts in three major sectors: European real estate market, media and a set of major energy-related projects. The current economic crisis opens up many profit-making opportunities for cash-rich investors, and I am actively involved in the development of a number of new projects that require time and engagement”, businessman added.

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