Astana, Kazakhstan, July 23
By Daniyar Mukhtarov - Trend:
Kazakh "KazMunaiGas" Exploration Production (KMG EP) withdrew from the composition of the shareholders of the Kazakh Institute of Oil and Gas (KING) through sale of 1.7 percent share of 154,566 units in favor of the "KazMunaiGas" parent company, the JSC press service said.
The transaction was approved by the board of the company on May 28, 2014. The transaction value is 154.5 million tenge ($0.8 million at the rate of the Kazakh National Bank on the date of payment). The sale of share in the said project corresponds to the strategy of the KMG EP's withdrawal from the non-core assets.
KMG EP is among the top three oil producers in Kazakhstan. The company's production volume including shares in the Kazgermunai joint venture with CCEL (Karazhanbasmunay) and PetroKazakhstan Inc. amounted to 12.4 million tons (251,000 bpd) in 2013.
As of 2013, the company's total consolidated volume of proved and probable reserves including shares in the associates was 200 million tons (1.5 billion barrels), out of which 148.8 million tons (1.1 billion barrels) accounts for Ozenmunaigas JSC, Embamunaigas JSC, and "Ural Oil and Gas" LLP.
KING is the largest research and engineering company in Kazakhstan, which carries out a comprehensive scientific and engineering support in the oil and gas industry.
Edited by CN