BAKU, Azerbaijan, Dec. 29
By Nargiz Sadikhova - Trend:
OMV Petrom, the largest energy company in Southeastern Europe, signed the transaction for the sale of its 100 percent shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to MAGNETIC OIL LIMITED, Trend reports citing the company.
KOM and TOC hold the production licenses for four onshore fields in Kazakhstan, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi. The cumulated daily production of the four fields was 6.4 billion barrels a day in 2019, representing approximately 4 percent of the group production.
Closing of the transaction is subject to certain conditions precedent including approval by the Kazakh Ministry of Energy and is expected in the first half of 2021.
OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business has been stable, but no further in-country expansion has been realized in the last few years and OMV Petrom has decided to shift the focus of its international Upstream business to the Black Sea.
All fields are located in the Mangistau region of West Kazakhstan near the Caspian Sea. The four onshore fields cover a total area of 86.52 square kilometers, including approximately 75 wells, production facilities and 200 km of pipelines.
OMV Petrom is the largest integrated energy company in South-Eastern Europe. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant.
The Group is present on the oil products retail market in Romania and neighboring countries through 798 filling stations, at the end of September 2020, under two brands – OMV and Petrom.
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