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KMG considers selling shares to Russian company

Oil&Gas Materials 16 June 2010 15:07

Azerbaijan, Baku, June 16 / Trend S.Suleymanov /

KazMunaiGas (KMG) is negotiating the sale of a stake in the Pavlodar Petrochemical Plant with a Russian company, KMG Managing Director Daniyar Tiesov said at a news conference in Astana.

Tiesov refused to name the company and or the amount of shares.

"We are interested in seeing a large Russian company among our shareholders, as this will secure long-term Russian oil supplies to the plant," he said. 

TNK-BP is among a group of companies that purchased a 50-percent stake in the plant. Lukoil and Gazprom-Neft also claimed to have purchased shares.

"The price of the sale was $600 million," the source said.

The plant was built in the Soviet Union and only refines oil from western Siberian oil fields. Its estimated capacity is 6-7 million tons of oil per year.

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