KazMunayGaz completes deal on purchase of shares of Pavlodar petrochemical plant

Oil&Gas Materials 5 August 2009 14:48 (UTC +04:00)

Kazakhstan, Astana, Aug.5 / Trend K. Konyrova /

The Kazakh National Oil Company KazMunayGas completed a deal on purchase of 100 percent shares of the Pavlodar petrochemical plant (PPP) (in the Pavlodar region of Kazakhstan), spokesman of the company Galim Tumabayev told Trend in Astana.

"Finally, deal on purchase of shares of the Pavlodar plant was completed last Tuesday [July 28]. The press service of the company will send official information, providing all the details of the transaction, as well as the exact number of shares and purchase price, soon," Tumabayev said.

KazMunayGas held talks on purchase of 100 percent shares of the PPP for a long time. Mangistaumunaygaz was the owner of 58 percent of shares of the plant and the Kazakh State Property and Privatization Committee at Finance Ministry was the owner of the rest.

Previously, the largest private oil company Mangistaumunaygaz was the owner of the PPP. Mangistau Investments BV, founded by KazMunayGas and the Chinese CNPC on equal basis, bought the shares of Mangistaumunaygaz in spring of 2009.

Mangistau Investments BV obtained control only over the production assets of Mangistaumunaygaz and the PPP was not included in this transaction.

"Mangistaumunaygaz" is one of the giant oil-producing companies in Kazakhstan. The company owns 36 oil and gas fields and 15 of them are under development. The company holds the Kalamkas and Zhetybay fields rich with reserves.

In June 1996, the Kazakh government issued the company a license from for a period of 25 years to produce hydrocarbons feedstock in the gas fields Asar, Burmasha, Kalamkas, the East Zhetybay, in the oil fields Alatobe and the North Karagiye, in the Zhetybay oil condensate field and the Oymasha oil and gas field. The company was issued a license to extract oil in the South Zhetybay oil field in November 1996.

The National Petroleum Holding KMG was established in 2002. The group includes KazMunayGaz Exploration Production, KazTransOil, KazTransGas, KazMunaiGaz Trade House, KazMorTransFlot, KazMunayTeniz and KazRosGas. The holding owns 75 percent of the Romanian Rompetrol Group' shares.

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