Kazmunaygas will borrow $1 bn. for Kashagan - source

/REUTERS, Moscow, September 4, 07/ - Kazakhstan oil-gas state company Kazmunaygas will raise a syndicated loan for $1.05 bn. to develop Kashagan oilfield that is interrupted because of claims of authorities to the international consortium of investors. Kazmunaygas plans to close loan's syndication this week, Reuters Loan Pricing Corporation informs with a reference to a source in banking field. The loan is raised with the term of one year with an opportunity of prolonging for six months. BNP Paribas, Citigroup and Societe Generale act like deal's organizers. The attracted capital will be used for financing of capital expenditures including technical investigations. Kazakhstan has interrupted the development of Kashagan in August accusing a group of companies headed by Italian Eni in inconsistency with the set term, customs violations, causing damage to the environment and creating fire threat. After that, the government declared that, as a result, the country suffered damage for more than $10 bn. Kazmunaygas, with the 8.3% stake is a member of Kashaganskiy consortium, in which Eni, Royal Dutch Shell, Exxon Mobil and Total take part and have 18.5% of shares each; ConocoPhillips participates with 9.3% and Japanese Inpex - with 8.3%. Located on shelf of Caspian Sea, Kashagan oilfield, the oil reserve of which is estimated at 38 bn. barrels, is one of the biggest oilfields of explored ones since last 30 years. [2007-09-04]