KazMunaiGas EP buys 50 pct stake in JV Kazgermunai for around 1.07 bln usd cash |
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Published
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Mon, 05 Mar 2007 08:53
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LONDON (AFX) - JSC KazMunaiGas Exploration Production said it will buy a 50 pct stake in JV Kazgermunai LLP from National Company KazMunaiGas for around 1.07 bln usd in cash.The company said this is the first step in its growth strategy following its listing on the London Stock Exchange and the Kazakhstan Stock Exchange in October last year, which raised over 2 bln usd.The company added the deal will further diversify its operations and expand its presence into the new oil and gas region in Kazakhstan.KazMunaiGas EP is the third-largest oil and gas producing company in Kazakhstan and is 61 pct owned by NC KazMunaiGas, the national oil and gas company which is controlled by the Kazakh state via state holding company JSC Samruk.PetroKazakhstan Kumkol Resources is the other shareholder in Kazgermunai, which is the eighth-largest Kazakh oil and gas producing company.kathy.sandler@thomson.comksCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mergers and acquisitions highlights to 15:50 GMT 