Deal on KazMunaiGaz's purchase of Pavlodar Oil Chemical plant's shares fully completed
Kazakhstan, Astana, July 29 / Trend K. Konyrova /
Deal on KazMunaiGaz national company JSC's purchase of Pavlodar Oil Chemical plant's 100 percent of shares is completely completed, informed source from national company told Trend .
"Frame agreement was signed as several factors on the deal are being elaborated. Official statement on full completion of the deal will be announced soon," KazMunaiGaz representative said under anonymous terms.
Interlocutor said that subsidiary of Pavlodar Oil Chemical plant - Gelios Trade Company did not enter the deal. Gelios owns numerous filling stations all over Kazakhstan and is one of the major players on oil products retail market.
Source said that deal is worth $1.2 billion.
"These are funds of KazMunaiGaz national company JSC," representative of the company said.
It should be noted that Pavlodar Oil Chemical plant is situated in Pavlodar (north of Kazakhstan). It was built during USSR. It technologically process oil from western Siberian fields of Russia. Project capacity is 7 million tons of oil per year. Volume of processing hits 4.2 million tons in 2008.
Kazakh minister of energy and mineral resources Sauat Mynbayev answering question of Trend correspondent said that the Kazakh government did not consider participation of Russian companies together with KazMunaiGaz national company JSC in purchase of shares of Pavlodar oil and chemical plant.
"Certainly, Pavlodar plant is involved in Russian oil. But we did not consider participation of Russian companies in purchase of plant's shares. Before, private owners had the plant. We have no idea about talks conducted earlier," Mynbayev said.
It should be noted that several Russian companies, including LUKOIL Overseas Kazakhstan, Gazprom-oil and Rosneft pretended for shares of Pavlodar plant. Former owner of MangistauMunaiGaz JSC conducted talks with Russian companies to establish Kazakh-Russian joint venture on the base of Pavlodar plant. But Prime Minister Karim Masimov's statement on purchase of Pavlodar plant's shares by national company suspended these talks.