KazMunayGas to buy giant oil producing company
Kazakhstan, Astana, Sept. 24 / Trend , K.Konyrova, E.Ismayilov/
The Kazakh national company KazMunayGas's deal to buy control stakes of giant private oil producing company Mangistamunaygaz should be concluded soon, Head of KazMunayGaz Kairgeldi Kabyldin said in Astana on Sept. 24.
"We expect to sign a deal in October this year. And then we will officially announce the acquisition of this private company," said Kabyldin, responding to the Trend correspondent in Kazakhstan.
Earlier, on April 16, 2009, in Beijing KazMunaiGas (KMG) and the company CNPC Exploration and Development Company Ltd (CNPC E & D) signed an agreement to acquire 100 percent of common shares of Mangistaumunaigaz (MMG) from the Central Asia Petroleum Ltd (CAP) company.
Assets of Mangistaumunaigaz, acquired by KMG and CNPC E & D covers the Kalamkas field, Zhetybai group and other exploration assets of MMG. Shares and assets of the Pavlodar refinery, formerly owned by MMG, were excluded from this transaction.
CNPC Exploration and Development Company Ltd. (CNPC E & D) is a joint venture, formed on a parity basis between the companies China National Oil & Gas Exploration and Development Corporation and PetroChina, which are subsidiaries of CNPC.
Central Asia Petroleum Ltd. is the company registered in British Virgin Islands and owns 100 percent of the voting shares of Mangistaumunaigaz.
Mangistaumunaigaz (MMG) is one of the giant oil companies in Kazakhstan. The company has 36 oil and gas fields and 15 of which are under development. The giant fields of the company are Kalamkas and Zhetybai.
JSC National Company KazMunaiGas is Kazakhstan's national operator for the exploration, production, processing and transportation of hydrocarbons, representing the state's interests in oil and gas industry in Kazakhstan. A total of 100 percent of the shares of KazMunayGas is owned by JSC Samruk-Kazyna National Welfare Fund.
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