KazMunaiGas to buy stake in Kazakh oil firm

Related Topics

Quotes

   

ALMATY, July 9 | Wed Jul 9, 2008 2:14pm BST

ALMATY, July 9 (Reuters) - Kazakh state oil firm KazMunaiGas [KMG.UL] said on Wednesday it would buy a controlling stake in local oil company MangistauMunaiGas (MMG).

"KazMunaiGas ... has reached an agreement with Central Asia Petroleum (MMG shareholder) ... to buy a controlling stake in MangistauMunaiGas," KazMunaiGas said in a statement.

It gave no other details of the planned deal.

KazMunaiGas's London-listed subsidiary KazMunaiGas E&P (KMGq.L) has previously said it would be interested in eventually acquiring the company.

MangistauMunaiGas, owned by Indonesia-based Central Asia Petroleum, is based in the Kazakh oil town of Aktau. Its residual oil reserves are 812 million tonnes, including 194 million tonnes of extractable reserves. (Writing by Olzhas Auyezov; Editing by David Holmes)

M&A
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.