KazMunaiGas refutes Chinese expansion in Kazakhstan's oil

KazMunaiGas Exploration&Production denies that the share of Chinese companies in oil and gas industry of Kazakhstan could exceed 40 percent in 2013. “The total share of the minority investors of KMG EP (that involves free float of the stock) is only 31 percent. The share of China Investment Corporation, according to the information submitted in 2009, was not more than 11 percent. The share of the majority stakeholders of KazMunaiGas National Company remains at 57.9 percent. The remaining part of the minority shareholders are Kazakhstan and foreign stakeholders. In line with the rules of the Kazakhstan Stock Exchange and London Stock Exchange, precise information on KMG EP shares owned by the Chinese fund can be requested directly from the investor,” the company’s public relations department told 24.kz. Earlier many online media outlets cited an anonymous source in oil and gas sector of Kazakhstan and reported that Chinese investors owned 30 percent of KazMunaiGas EP and Chinese shareholders would become even more powerful when the company buys into KazakhOil Aktobe, Kazakh Turk Munai and Mangistau Investments B.V. In case of this expansion the share of China in Kazakhstan's oil sector would exceed that of Kazakhstan itself.