CNPC and KazMunayGas acquire 100% of MangistauMunaiGas shares through open trade on Kazakhstan Stock Exchange

Friday, Nov 27, 2009

Mangistau Investments B.V. (Mangistau), a joint venture owned equally by CNPC Exploration and Development Company Ltd (CNPC E&D) and JSC National Company "KazMunayGas" (KMG) acquired 100% of the common shares of JSC "Mangistaumunaigas" (MMG), through an open trade conducted on the Kazakhstan Stock Exchange.

The acquisition was principally financed by a loan to Mangistau from The Export-Import Bank of China.

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The assets of JSC Mangistaumunaigas acquired by KMG and CNPC E&D include the Kalamkas deposit, Zhetybai group and other exploration assets of MMG.

MMG is one of the largest enterprises in Mangistau oblast; its business affects the social and economic development and ecological situation in the region. In due consideration of this, National Company KazMunayGas stresses that MMG will pay special attention to the fulfillment of its of social obligations including maintaining of jobs, timely payment of wages, personnel training, social support to the region in accordance with the contractual obligations, operating in compliance with HSE legislation; the company will also continue its work on increasing the Kazakhstan content in purchasing of materials, equipment and services.

CNPC E&D is a joint venture equally owned by PetroChina and China National Oil & Gas Exploration and Development Corporation, subsidiaries of CNPC.

JSC Mangistaumunaigas (MMG) is one of the major oil-producing companies in Kazakhstan. The company has 36 oil and gas deposits, 15 of them are under development. The largest deposits in terms of reserves are Kalamkas and Zhetybai.

 

Source: KazMunayGas