Kazmunaygas possibly to sell its stake in the daughter Karazhanbasmunay

/INTERFAX-KAZAKHSTAN, Astana, January 9, 07/ - The national oil-gas company of Kazakhstan KazMunayGas, more likely, will sell the stake of the company Karazhanbasmunay JSC - the daughter company of Exploration Extraction KazMunayGas JSC. "KazMunayGas, more likely, will sell the stake of its daughter company Karazhanbasmunay JSC," the knowledgeable source informed the agency Interfax-Kazakhstan. At that, he stressed that the national company had not received about it officially. At the end of December of last year the deal on purchase of Chinese company CITIC Group - 100% shares of Nations Energy (the previous owner Karazhanbasmunay JSC) was closed. The amount of the deal totaled about $1.9 bn. Besides, CITIC Group and KazMunayGas signed the agreement pursuant to which the Chinese company will sell Kazakhstan company 50% shares of Nations Energy at $955 m. There were stipulated the terms of purchase of 50% shares of Nations Energy in the agreement, and also main principles of the joint corporate business management. Karazhanbasmunay JSC is working out the field Karazhanbas in Mangistau region of Kazakhstan (in the west). In all the company produces 50 th. barrels of oil equivalent a day and provides reserves at 340 m barrels. Exploration Extraction KazMunayGas JSC was founded in March 2004 as a result of merging of two daughter companies of KazMunayGas - "Embamunaygas" and "Uzenmunaygas", producing 188 th. barrels of oil a day. The company is one of the biggest oil producers in Kazakhstan. Within frameworks of the initial public offering (IPO) on September 28 2006 Exploration Extraction KazMunayGas JSC offered 23086791 shares on London stock exchange and KASE. [2007-01-09]