KazMunaiGaz probe

BUCHAREST: Romanian prosecutors said on Monday they had seized a refinery held by Kazakhstan’s KazMunaiGaz, which recently came under Chinese control, in a tax fraud probe. The seizure of the Petromidia refinery in eastern Romania is part of an investigation into tax evasion, money laundering and fraud. KazMunaiGaz is accused of failing to settle debts contracted by former Petromidia owners Rompetrol which KazMunaiGaz took over in 2007. Seized assets at the refinery total three billion lei ($752 million). Chinese group China Energy Company Ltd said last month it was acquiring 51 per cent in KazMunaiGaz. KazMunaiGaz managers are to be questioned in Bucharest on Tuesday over the debt accusations, the spokeswoman said. — AFP