Kazakh national oil and gas company to pay bond debts of its subsidiary

Business Materials 9 May 2013 16:55 (UTC +04:00)

Kazakhstan, Astana, May 9 / Trend, D. Mukhtarov /

Kazakh national oil company "KazMunaiGas" (KMG) has notified KazMunaiGas Exploration Production of its intention to pay its unredeemed bonds and their remuneration, KazMunaiGas Exploration Production said on Wednesday.

According to the report, KazMunaiGas Exploration Production bought 222 billion tenge ($ 1.5 billion) worth of KazMunaiGas bonds in June 2010 with a maturity date of June 24, 2013.

As of December 31, 2012, the unredeemed amount and the remuneration on KazMunaiGas's bonds totaled 134 billion tenge ($892 million).

KazMunaiGas's decision was stipulated by the successful completion of the issuance and placement of KazMunaiGas's Eurobonds worth $3 billion in April 2013.

KazMunaiGas Exploration Production is among the top three oil producers in Kazakhstan. The company's production volume, taking into account the shares in Kazgermunai joint venture, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc amounted to 12.2 million tons (247,000 bpd) in 2012. The volume of KazMunaiGas Exploration Production's proved and probable reserves as of late 2011 amounted to 226 million tons (1.7 billion barrels) and about 2.1 billion barrels when taking joint ventures into consideration.