Kazakh firm in Romanian oil deal

Rompetrol has operations in seven countries

Kazakhstan's state-owned energy group, KazMunaiGaz, has agreed to buy 75% of Romanian oil firm Rompetrol in a deal estimated to be worth $2.7bn (£1.3bn).

Rompetrol chairman and chief executive Dinu Patriciu said the deal offers Europe "an energy bridge that does not depend on Russia".

His comments were in regard to European fears over the long-term security of Russian gas and oil imports.

The West has accused Russia of using energy policy to bully its neighbours.

This is in regard to Russia's state-owned gas monopoly cutting supplies to Ukraine during the winter of 2006/07 in a dispute over how much Kiev should pay.

The reduction in supplies to Ukraine had a knock on effect on the level of Russian gas going through the country to western Europe.

Pan-European stations

Gazprom has also threatened to cut supplies to Georgia, and in recent months, Belarus.

Moscow and Gazprom executives counter that the firm is merely wishing to gain a fair market price for its gas following years of subsidised exports to Russia's former Soviet allies.

Under the deal, KazMunaiGaz gains control of the Romanian firm's 630 petrol stations in seven countries including Romania, Georgia, Bulgaria, Spain, Moldova and France.

However, the sale still requires final approval from the European Union.

Russia currently supplies a quarter of Europe's oil, and more than two-fifths of its gas.