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Chinese company can become co-owner of Kazakh MangistauMunayGaz

Oil&Gas Materials 23 January 2009 10:13 (UTC +04:00)

Kazakhstan, Astana, Jan. 232/ trend Capital K. Konirova/ Chinese CNPC can become co-owner of "MangistauMunayGaz" (MMG) Kazakh JSC, a source in the Kazakh Ministry of Energy and Mineral Resources told Trend .

"Presently, Chinese company intends to purchase 48 percent share of MMG. So, it is possible to become co-owner of the company together with national company, a source said.

In mid-Jan., 2009, current owner of MMG Indonesian Central Asia Petroleum Ltd and national company KazMunaygaz (KMG) signed an agreement on purchasing KMG 50 percent plus two voting shares of MangistauMunayGaz JSC. It is planned to complete this deal by late March.

Simultaneously subsidiary company of KMG - Exploration& Production KazMunayGaz JSC hold talks with associated company to purchase all shares.

"After completion of these assets purchase by associated company, we are sure to hold talks on its purchasing," Mikhail Dorofeev, JSC director of department on public communication, said.

По его словам, это приобретение "Разведка Добыча "КазМунайгаз" планирует осуществить за счет собственных средств, несмотря на глобальный экономически кризис.

Exploration& Production KazMunayGaz plans to purchase it owing to personal means on spite of global economic crisis, he said.

Any purchase of assets connected with increase of oil supplies meets strategy of the national company. And we intend to work in this direction in future in absorption or fusion of assets," Kairgeldi Kabildin, head of KazMunayGaz, said earlier.

Earlier it was reported that Russian company Gazprom- neft wished to be joint owner of MMG together with national company. But Kazakh side made a decision against "Gazprom- neft".

Some sources in oil gas circles named as pretenders either other Russian company "Rosneft" or Indian national oil company ONGC.

Presently, Chinese CNPC is the third candidate for MMG shares, according to a source.

The question to pass MangistauMunayGaz private oil company to state property was raised by Kazakh Prime Minister Karim Masimov in fall 2007 when again prices for petroleum-based fuels increased in the country. The government of the country made a decision to nationalize these assets to regulate prices for oil products as there are not only 36 oil gas fields under MMG but the biggest refinery in the north of the country and the large network of filling stations.

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