KazMunaiGas to purchase majority interest of MANGISTAUMUNAIGAZ

/INTERFAX-KAZAKHSTAN, Astana, July 9, 08/ - National oil and gas company KazMunaiGas purchases majority interest of private MANGISTAUMUNAIGAZ. "NC KazMunaiGas JSC informs on agreement on huge deal with Central Asia Petroleum company - purchasing of majority interest of MANGISTAUMUNAIGAZ - is said in KazMunaiGas` information, disseminated on Wednesday. Details of the deal are not announced. Meanwhile, as informed at the beginning of June, Prime-Minister of republic Karim Masimov gave directions to accelerate purchase of MANGISTAUMUNAIGAZ`s block of shares in state ownership. "I gave directions to purchase MANGISTAUMUNAIGAZ`s shares, which realization was by no reasons delayed. I again give directions - to purchase not less than 51% shares in state ownership in short term prospect, - he said on selective government meeting in Astana, addressing to heads of Ministry of Energy, state holding Samruk and national oil and gas company KazMunaiGas. According to Masimov, Pavlodar OPP should also be transferred in state ownership. At the same time, at the end of May, managing director of KazMunaiGas on oil and gas production Sisengali Utegaliev informed that National Company intends to finish the deal on purchasing of MANGISTAUMUNAIGAZ`s shares until autumn of current year. "According to schedule, now negotiations are in process. There is a technical evaluation, which will be finished in 2-3 months. After it there will be question on asset value (Е). We hope to finish the deal before autumn" - he said. Earlier informed that KazMunaiGas plans to purchase more than 70% of MANGISTAUMUNAIGAZ. December, 2007 KazMunaiGas and Central Asia Petroleum Ltd. (the main shareholder of MANGISTAUMUNAIGAZ) signed the protocol on purchasing oil and gas assets of MANGISTAUMUNAIGAZ by the National Company. MANGISTAUMUNAIGAZ is one of major oil and gas companies in Kazakhstan. It was founded in 1995. MANGISTAUMUNAIGAZ JSC possesses 36 oil and gas deposits, 15 of which are in exploration. Kalamkas and Zhetybai are the major reserves deposits. MANGISTAUMUNAIGAZ JSC also possesses 58% shares of Pavlodar oil processing plant (Pavlodar oblast, the North). KazMunaiGas is a national operator on exploration, production, processing and transporting of hydrocarbons, representing interests of government in Kazakhstan oil and gas sphere. Kazakhstan holding on government assets management Samruk JSC possesses 100% shares of the company. [2008-07-10]