Kazakh KazMunaiGas has no plan to hold global IPO in near future

Oil&Gas Materials 4 December 2013 12:44 (UTC +04:00)
Kazakh National Oil and Gas (KazMunaiGas) has no plan to hold a global IPO in near future.

Baku, Azerbaijan, Dec 4.
By Elena Kosolapova - Trend: Kazakh National Oil and Gas (KazMunaiGas) has no plan to hold a global IPO in near future, the company reported on Dec. 4.

"As of today, neither the Government of the Republic of Kazakhstan, nor KMG's authorised bodies have made any decision on placement of KMG's shares on securities markets (stock exchanges). Accordingly, it is premature to talk about possible placement of KMG's shares on stock exchanges, along with determining KMG's consultants on this matter," the company said.

Earlier Kazakhstan Kazakh National Bank's chairman Kairat Kelimbetov said that KazMunaiGas would carry out a global IPO in the next one-two years.

Meanwhile KazMunaiGas' shares will be brought to securities markets within the People's IPO program after 2015, according to the governmental resolution. Between five and fifteen percent of the total number of the company's voting shares will be placed within the program. The precise number of shares for the program will be approved by the Kazakh government.

The People's IPO will allow Kazakh citizens to become co-owners of the nation's largest companies. In 2012, KazTransOil joined the program.

KazMunaiGas is the Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in Kazakhstan's gas and oil industry. KazMunaiGas is wholly owned by the state through Samruk-Kazyna National Wealth Fund.