Kazakhstan’s state oil company has initiated legal proceedings against Romania after prosecutors froze its shares in the country’s largest oil refinery, disrupting plans to sell a controlling stake to a Chinese company.
KazMunaiGas submitted a “notice of investment dispute” — the first step in a legal process that could lead to international arbitration — to the Romanian government, according to a letter from the company’s lawyers seen by the FT.
The dispute is the latest obstacle for Kazakhstan’s ambitious privatisation programme, which was announced last year with much fanfare but has made little progress.
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