KazMunayGas to sell half of its Kashagan share to Samruk-Kazyna 03 июля 2015, 14:52
- Found a bug?
- Select it and press Ctrl + Enter
London-listed KMG holds 16.88% in Kashagan. Last year, Fitch Ratings affirmed KMG "long-term foreign currency Issuer Default Rating (IDR) at "BBB" with a Stable Outlook", Fininfo.kz reported. Fitch also affirmed KMG "Finance Sub B.V.'s foreign currency senior unsecured rating at BBB".
"Nantional company KMG has announced its intention to sell half of KMG Kashagan B.V., which holds a 16.88% stake in Kashagan, to Samruk-Kazyna, its immediate parent, for around 4.7 billion US dollars in cash and to use the cash proceeds to repay a portion of its debt. We believe that if completed, this deal would help NC KMG improve its financial profile over the medium term. We also view this transaction as evidence of continued state support for NC KMG, and the Stable Outlook factors in the expectation that the deal will be concluded as proposed," Fitch Ratings reported.
Samruk-Kazyna is a sovereign wealth fund and 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. The state is the sole shareholder of the fund.
Kashagan is a large oil field situated on the northern part of the Caspian sea. Estimated oil in place amounts to 38 billion barrels. The oilfield also holds 1 trillion cubic meters of natural gas. Kazakhstan expects the production to resume by the end of 2016 or 2017.
By Gyuzel Kamalova
- Samruk Kazyna
- Caspian Sea