ASTANA, Kazakhstan, June 28. KazMunayGas (KMG), Kazakhstan's state oil and gas company, denied speculation about a potential sale of its 50 percent stake in the Atyrau oil refinery to China's Sinopec, Trend reports.
During a recent visit on June 12, 2024, Sinopec specialists exchanged insights with the oil refinery's officials on enhancing operational efficiency. Sinopec had previously collaborated on projects at the refinery between 2010 and 2016.
KMG stated that discussions on selling its stake were not held. The company also denied receiving any inquiries or offers from Sinopec regarding the sale or valuation of its stake in the Atyrau oil refinery.
Meanwhile, Kazakhstan has been cooperating with Sinopec for a long time. In particular, Kazakh KazMunayGas signed an agreement in the field of geological exploration of the subsoil of the country with China's Sinopec in May 2023. The document assumes a joint study of 17 exploration sites located within the main and poorly studied sedimentary basins.
China Petroleum & Chemical Corporation, or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai. Sinopec Limited's parent, Sinopec Group, is the world's largest oil refining, gas, and petrochemical conglomerate, headquartered in Chaoyang District, Beijing.