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Kazakhstan's KazMunayGas gives up 100% stake in KazTransGas

Oil&Gas Materials 10 November 2021 17:17 (UTC +04:00)
Kazakhstan's KazMunayGas gives up 100% stake in KazTransGas

BAKU, Azerbaijan, November 10

By Nargiz Sadikhova - Trend:

Kazakhstan's KazMunayGas National Company (KMG) has completed the transfer of 100 percent share in KazTransGas (KTG) in favour of Samruk-Kazyna, Trend reports citing KMG.

The transaction amount equaled 1 tenge. The transaction was preceded by fulfilment of a number of legal and financial conditions, including approvals from KMG lenders and relevant government agencies.

In addition, the transaction was agreed with KMG’s creditor banks, including through refinancing of some loans. One of the process stages was also the adoption of the RK Government Resolution “On Strategic Object Transfer” dated 8 November 2021. Based on the Resolution, KMG was approved to transfer the KTG stake in favour of the Fund through the sale and purchase transaction.

At present, all KMG lenders have approved the KTG spin-off into a separate subsidiary of the Fund.

KTG has been part of KMG since the establishment of the national company in 2002. KTG operates more than 20,000 km of gas pipelines and more than 56,000 km of gas distribution networks.

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