Kazakhstan’s KazMunayGas buys share in major oil extracting company
BAKU, Azerbaijan, Feb.27
By Nargiz Sadikhova - Trend:
Kazakhstan’s KazMunayGas National Company has acquainted a 50-percent share of Kazgermunai Joint Venture (JV), Trend reports with reference to Kazakhstan Stock Exchange (KASE).
As noted in the report of KazMunayGas (KMG) published by KASE, starting from Feb. 24, 2020 KMG has become an owner of 50-percent share in company’s authorized capital.
KazMunayGas used to own the same share Kazgermunai company however KMG made the decision to sell its share to its affiliated company Exploration & Production Kazmunaygas company in 2007.
Established in 1993 with participation of German Feba Oil AG and Erbdol Erdgras Gommern GmbH companies, Kazgermunai JV LLP is one of the largest companies in oil production industry of Kazakhstan.
Currently the company carries out its activity in exploration, development, production and sale of hydrocarbon materials at Akshabulak, Nuraly and Aksai deposits of the South Turgai hollow of Kyzylorda area.
KMG is the Kazakhstan operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.
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