Kazakhmys moves into petroleum with buy of exploration co Dostan-Temir |
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Published
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Thu, 08 Mar 2007 08:31
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LONDON (AFX) - Copper producer Kazakhmys PLC announced its first move into the petroleum sector with an agreement to buy Kazakhstan-based Dostan-Temir LLP for an undisclosed sum.The company said Dostan-Temir holds the right to sign the contract to undertake further exploration for oil and gas in the East Akzhar Exploration Block in Western Kazakhstan.The board is considering a number of options for the development of East Akzhar, which is located to the south of Aktobe on the eastern fringe of the Caspian depression, Kazakhmys said.Dostan-Temir has gross assets of 0.1 mln usd and was bought from privately-owned Total Commerce Solutions Limited.Kazakhmys executive chairman Vladimir Kim said: 'It is a first step to delivering on our strategy of diversification of our business. Kazakhstan is a country rich in natural resources and we will continue to seek out further opportunities for our shareholders.'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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Lundin Petroleum to hike 2007 daily production 40 pct to over 41,000 boepd 