energy
KazMunaiGas closing the deal on Mangistaumunaigas
(SRI) - KazMunaiGas (KMG), the national oil company, is purchasing a 51 percent stake in Mangistaumunaigas (MMG), an oil company, and planning to close the deal this year, Interfax reported on Friday.
Uzakbai Karabalin has been appointed head of MMG. Karabalin had been a long-time president of KMG and was recently replaced by Serik Burkitbaev.
“We have reached an agreement with Mangistaumunaigas that KMG will manage the company during the transition period,” Burkitbaev said in a press briefing in Astana.
Gazprom Energy, a subsidiary of Russian Gazprom, is interested in acquiring the remaining 49 percent stake in the company, according to Russian media sources.
MMG owns 36 oil and gas fields and 15 out of these are being developed. The company’s largest fields are Kalamkas and Zhetybai. It also owns a 58 percent stake in the Pavlodar Petrochemical Plant.
In December 2007, KMG and Central Asia Petroleum Ltd., the main shareholder of MMG signed a protocol of intent for KMG to purchase the assets of MMG.
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