National company KazMunayGaz chooses international trader to organize advance oil delivery

/KASE, December 2, 15/ – National company "KazMunayGaz" JSC (Astana), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following information statement: quote National company "KazMunayGaz" JSC (hereinafter – KMG) initiated a tender to obtain offers from relevant international traders regarding organization of advancing of oil falling on 20% shares of KMG in Tengizshevroil LLP (TSHO), including an advance payment of USD3,000,000,000. In September this year a decision was taken that subsidiary of KazMunayGaz KazMunayGas Trading AG (KMGT), will represent KMG in this regard and will implement relevant measures to choose an international trader (drawing up the tender procedure, selection of participants, forming of evaluation criteria, organization of the tender commission meeting). On November 30, 2015 the tender commission (consisting of representatives of Sovereign wealth fund "Samruk-Kazyna", KMG and KMGT) chose the winner – VITOL S.A. This project is of great importance to KMG, which in association with KMGT, VITOL S.A. and TSHO will soon start working on drawing up the relevant documentation on the deal. The first advance tranche is supposed to be received within 2–4 months. unquote [2015-12-02]