Sales of Tengizchevroil will depend on the market, not the budget - MF of Kazakhstan

/IRBIS, Jan.28, 00/ - REUTERS informs, with the reference to the minister Majit Esenbaev, that the Ministry of finance of Kazakhstan says it is possible to sell part of state owned block of shares in oil producing Tengizchevroil, if the market is favorable, however it does not tie it to a sharp need of the budget. "If the market is favorable for sales. We also monitor petroleum products market. If it (the market) is favorable then why we should not sell? And if the market will "brake down" tomorrow? I think there is nothing to be afraid of here, part of state owned block of Tengizchevroil shares can be sold, but it has nothing to do with the budget deficit", said the minister of finance. The government was considering to sell part of or whole 25% in Tengizchevroil for as high as $2.5 bln last year. Also, the shares could be pledged as a collateral for a loan. "There will be no pledge of the shares", said the minister. JV Tengizchevroil is one of the most perspective oil projects of the country. A third of all the oil is produced by the company. It was established by Kazakhstan and Chevron with equal proportions of the sides in 1994 to develop the biggest deposit site - Tengiz. Now 25% of the company belongs to Kazakhstan, Chevron has 45%, Mobil - 25%, Russian-American "LukArco" - 5%.