KMG Kashagan B.V. Pays Interim Loan in Advance

Oil&Gas Materials 3 October 2008 12:40 (UTC +04:00)

Kazakhstan, Astana, 2 October / corr Trend K.Konirova / The subsidiary of the national company  of Kazakhstan KazMunayGaz JSC KMG Kashagan B.V, a participant of the consortium for Kashagan field development (the North Caspian Project),  repaid an interim loan in an amount of $1.50bln in advance.

"This loan was attracted to finance KazMunayGaz's share in the development of the North Caspian Project. It was approved by the syndicate of eight banks in September 2007 for 15 months period.

The leading organizers of the loan were BNP Paribas, Societe Generale, Citibank N.A. Bahrain.

The advanced repayment of this loan and repayment of the syndicated loan in the amount of $3.1bn, carried out on 12 September 2008, enabled to reduce the burden on short-term liquidity and restructure KazMunayGaz, positively affecting on the company's financial-economical indices.

KazMunayGaz is a national operator on prospecting, extraction, processing and transportation of hydrocarbons, and represents the government's interests in Kazakhstan's oil and gas sphere. Shares of KazMunayGaz are fully held by Kazakhstan Holding for Government Assets Management Samruk JSC.

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