(Yicai Global) July 28 -- KazMunayGas (KMG), the state-owned oil and gas company of Kazakhstan, stated in a press release that Romania's government has approved the sale of its shares in its Romanian subsidiary to CEFC China Energy Co (CEFC).

KMG signed an agreement with Chinese private firm CEFC at the end of last year. CEFC will hold a 51 percent stake in KMG's KMG International (KMGI) while KMG will retain the remaining 49 percent.

in 2009, KMG acquired Computrol Inc., Romania's national petroleum group. It changed its name to KMG International in 2014, China's state-run Xinhua News Agency reported today.

The equity transfer will lay a solid foundation for cooperation between KMG and CEFC and help KMG develop new businesses in Europe and the world. KMG will make full use of Kazakhstan's energy and China's financial resources to expand Belt and Road-related businesses, KMGI chief executive Zhanat Tussupbekov was quoted as saying by Romania's official Agerpres news agency.

KMGI currently employs more than 7,000 staff, mainly engaged in petroleum refining, sale and trading, and oil and gas exploration.

China Energy primarily plies energy and financial services business. The company has nearly 30,000 employees, with seven investment companies and A-share listed companies.