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Deal on purchase of PetroKazakhstan’s 33 percent shares comes to final stage

Oil&Gas Materials 12 January 2009 11:33 (UTC +04:00)

Kazakhstan, Astana, Jan. 12 / Trend , K.Konirova /

Exploration Production KazMunyGas and JSC National Company KazMunayGas (KMG) have reached the final stage of talks on agreement the cost of 33 percent shares in the PetroKazakhstan Inc since January, Director of the Exploration Production KazMunyGas Department for Public Relations Michael Dorofeyev said to Trend .

"We plan to end talks and legally close the deal in the first half of 2009," Dorofeyev said.

PetroKazakhstan Inc has oil refining assets in the Kizilorda province and half share in the Shimkent oil refining.

Exploration Production KazMunyGas intended to purchase 33 percent shares of PetroKazakhstan from KazMunayGas a year ago and expected the deal would be ended in the first half of 2008.

However, the talks were delayed due to the government's plans on the new Tax Code since Jan. 1, 2009.

Exploration Production KazMunyGas will continue purchasing attractive assets regardless of the global financial crisis.

"We do not put aside our strategy on acquiring attractive assets, which corresponds our profile. We will easily finance shares due to our added funds," Dorofeyev said.

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