Government of Kazakhstan to sell 30% of Mangistaumunajgaz shares

/IRBIS, Feb.02, 00/ - PRAJM-TASS has been informed on Wednesday in the Ministry of Finance of Kazakhstan that the Committee of state property and privatization of the Ministry has concluded a treaty with the IDEY international company to service the sale of 3,268,381 shares (30%) of the state oil-extracting JSC Mangistaumunajgaz. The JSC Mangistaumunajgaz was created on May 24, 1995 on the basis of Mangistaumunajgaz state industrial association. Now structure of the company includes seven branches, representation in Almaty, and also 16 LTD companies. In 1999 company has extracted more than 4 million tons of petroleum that makes 120.6% to 1998. About of 60% of all extracted oil were sold on a home market of Kazakhstan. Mangistaumunajgaz exports annually to 1.65 million tons of oil. According to the company's experts, for stable work Mangistaumunajgaz needs $163.6 million investments.