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China ready to purchase stake in Kashagan: media

23 april 2013, 18:49
0
Kashagan oil and gas field. ©REUTERS
Kashagan oil and gas field. ©REUTERS
Chinese state and private companies are nearing the finish line in procurement of stakes in Kashagan project, Nursultan and Abai blocks, KazTAG reports citing an informed source in Beijing.

“The talks have lasted for almost a year and in case of Kashagan our (Chinese) companies have had it the their plans for 10 years. Preliminary agreements have already been made,” the source said. According to him, “Indian ONGC (probable candidate for procurement of ConocoPhillips’ stake in Kashagan project) has a chance only in case it lobbies the deal through a major mediator, such as the United States or Russia”.

In autumn 2012 Kazakhstan Oil and Gas Ministry refused to confirm that there was chance of selling a stake in Kashagan project to Chinese companies. Nevertheless, KazTAG’s source in China leaked back than that according to the current 5-year strategic plan (2011-2015), Chinese companies have a task to significantly increase their share in Kazakhstan's oil production sector and bring it to 40 percent.

Last week Kazakhstan Oil and Gas Minister Sauat Mynbayev did not preclude the opportunity of selling the share of ConocoPhillips (8.4 percent) in Kashagan project to a Chinese company. According to the Minister, “China is an obvious potential candidate interested in increase the amount of oil pumped in this direction”, (oil pipeline from West Kazakhstan to China).

Commenting on the possibility of Kazakhstan’s acquisition of ConocoPhillips’ stake in Kashagan to later resell it to China, Mynbayev said that no decision was made. He noted that KazMunaiGas “should fully realize how much money it would have to borrow to meet all the investment-related obligations”.


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