Tengrinews TV Радио Tengri FM Радио Жұлдыз FM Laws of Kazakhstan
Write us +7 (727) 388 8020 +7 (717) 254 2710
искать через Tengrinews.kz
искать через Google
искать через Yandex
USD / KZT - 326.97
EUR / KZT - 381.05
CNY / KZT - 48.44
RUB / KZT - 5.45

KazMunaiGas may merge with KazMunaiGas Exploration and Production

16 february 2012, 14:20
Umirzak Shukeev. By Yaroslav Radlovsky ©
Umirzak Shukeev. By Yaroslav Radlovsky ©
Umirzak Shukeev, Head of the Samruk-Kazyna Sovereign Wealth Fund, does not rule out a merger of KazMunaiGas National Oil and Gas Company with its subsidiary KazMunaiGas Exploration and Production [listed on Kazakhstan Stock Exchange and the GDRs listed on London Stock Exchange], KazTag Agency reports.

“Shares of KMG EP are publicly traded, that’s why we don’t rule out a merger through reverse take-over”, he said in a recent interview for Kommersant.ru. “In the nearest future we will consider all possible optimization options within Samruk-Kazyna, including KMG. Should we have doubts with regards to neccessity of some subsidiaries, we will work towards their merger [with other subsidiaries]”, Mr. Shukeev said.

KazMunayGas is the state-owned oil and gas company of Kazakhstan. Its subsidiaries include KazMunaiGas Exploration Production (AO), Tengizchevroil (20%), KazTransOil, KazTransGas, KazMunayGas Trade House, Kazmortransflot, KazMunayTeniz and some other companies.

KMG EP is subsidiary of NC KMG. The Company’s shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately US$2 billion in its IPO in September of 2006. It was the 2nd largest Kazakh oil producing company in 2010. KMG EP operates 41 fields in Western Kazakhstan excluding acquisitions made from 2007 through 2010. At the end of 2010, proved plus probable oil reserves of the core assets (UMG and EMG) were estimated to be 232 million tonnes (1,707 million barrels), with an estimated reserves life of 26 years at 2010 production levels.

Samruk-Kazyna is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups.

Add comment
Most Read
Most Discussed