The measure is in line with KazMunayGas’ strategy to group all its foreign assets around Rompetrol, the Romanian company said in a statement Tuesday.
To that extent, Switzerland-headquartered Vector Energy has been renamed KazMunayGas Trading AG as of April 19, 2013, the statement noted.
KazMunayGas Trading AG will be in charge of crude oil and petroleum trading operations.
“Benefiting from Rompetrol’s infrastructure, KazMunayGas’ crude trading operations will become more efficient and profitable,” said Zhanat Tussupbekov, Chief Executive Officer of the Rompetrol Group.
He said crude oil exports from Kazakhstan are likely to increase to 30 million tons a year over the next five years.
In 2012, Rompetrol’s trading division reported total sales of 10.4 million tons, 65% higher on the year.
Rompetrol was the largest exporter of oil products in Romania in 2012, with total volumes worth $1.7 billion, according to company data.