Dec 09 - KazMunaiGas Reports on Closing of Acquisition of a 33% Stake in PetroKazakhstan Inc

Source Press Release
Company KazMunaiGas Exploration ProductionPetroKazakhstan 
Tags Deals, Upstream Activities
Date December 23, 2009

JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) announces the closing of the transaction to acquire a 33% stake in  PetroKazakhstan Inc. from the National Company  KazMunayGas (“NC KMG”).

Earlier the acquisition was approved by the Board of Directors of KMG EP, the Board of Directors of NC KMG and by majority of independent shareholders of KMG EP at Extraordinary General Meeting. All regulatory approvals have also been received.

NOTES

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2008 was 11.95mmt (an average of 240kbopd) of crude oil, including the Company’s share in Kazgermunai and CCEL. The total volume of proved and probable reserves, as at the end of 2008, is 241mmt (1.8bn bbl), excluding the relevant proportion of reserves at Kazgermunai and CCEL; including the share of reserves from Kazgermunai and CCEL the 2P reserves are over 2.1 bn barrels. The Company’s shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP’s “BB+” corporate credit rating and assigned the Company “GAMMA-6” rate. 

PetroKazakhstan Inc. (“PetroKazakhstan”) is involved in exploration, development and production of hydrocarbons as well as sales of oil and oil products.  PetroKazakhstan also has stakes in 16 oil fields, 11 of which are at different stages of development. In 2008 it produced 6.39mmt (136kbpod). The second shareholder of  PetroKazakhstan is  CNPC Exploration and Development Company Ltd. (CNPC E&D) which owns 67% of the company.  

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