Kazakh KazMunaiGas-Service purchases KazTransOil-Service company
Azerbaijan, Baku, Sep. 25 / Trend E. Kosolapova/
Kazakh KazTransOil and KazMunaiGas-Service companies have endorsed the agreement on sale and purchase of 100 percent of shares of KazTransOil-Service, KazTransOil reported on Tuesday.
Around 100 percent shares of KazTransOil - Service were sold for 11.648 billion tenge ($7.76 million). The transaction was completed on September 21.
KazTransOil- Service renders medical services, education and skills, development services, physical culture and sports services, healthcare and resorts services, transportation and office services, tourist industry.
Taking into account the fact that KazTransOil - Service is a non-core business for KazTransOil, the Management Board of Kazakh National company KazMunaiGas, which is the sole shareholder KazTransOil, approved the plan of restructuring KazTransOil's non-core assets. Within the plan KazTransOil decided to sell KazTransOil - Service's assets.
"Alienation of 100 percent stock of shares of KazTransOil - Service will enable improving the economic performance of KazTransOil, forming the optimal assets structure due to divestment of non-core assets," the company said.
KazTransOil is the largest Kazakh oil transporting company owning diversified network of main oil pipelines and waterlines with overall extension 8,000 kilometers. KazTransOil transports for export and internal market about 59 percent of oil produced in the country.