Kazakhoil to issue bonds, looks for an advisor

/IRBIS, March 17, 00/ - REUTERS informs, with the reference to public relations department of the company, that national oil company Kazakhoil announced the tender on selecting a financial consultant for offering its bonds on domestic stock market. The company's press-release reads that the first step in offering NOC Kazakhoil bonds on domestic stock market was to begin an open transparent tender on selecting a financial advisor. There is no information on the volume of the issue and on terms of the tender. It is said the bond issue will let NOC Kazakhoil to raise significant financial resources on favorable terms to implement an investment project of the company. The company intends to use the biggest domestic financial institutions as financial investors and get them interested in long term cooperation. Kazakhoil does not exclude the possibility of issuing other securities after the bond issue. It is the company that manages government assets and state owned blocks in the majority of oil companies in the country, and it controls 50% plus one share of Kherson refinery in Ukraine. The production of Kazakhstan reached 26.5 mln tons of oil last year.