/KASE, December 5, 2019/ – National Company KazMunayGas (Nur-Sultan), whose
securities are officially listed on the Kazakhstan Stock Exchange (KASE), has
provided KASE with the press release dated December 5, 2019, which states as
follows:
quote
On November 30, 2019, the National Company KazMunayGas (hereinafter, KMG)
fulfilled its contractual obligations on pre-payment for oil from the
Tengizchevroil LLP (hereinafter, TCO) with the trader Vitol ahead of schedule
(hereinafter, Vitol) and syndicate of international banks.
Early implementation of these obligations became possible thanks to the package
of measures to improve the financial condition, to manage debts and to optimize
cash flows of KMG Group of companies.
Let us remind that in 2016 KMG held tender among international oil traders for
sale of 20% of TCO oil, over which KMG has priority acquisition rights as TCO
shareholder. Key terms of the tender were the purchase price for oil, ensuring
the stability of shipments and providing long-term advance at low cost. As a
result of the tender, the contract was signed with Vitol, the largest
international trader, with an advance of US$3 billion until April 2020.
unquote
Full version of the press release is available on the KASE website
https://kase.kz/files/emitters/KMGZ/kmgz_reliz_051219.pdf
[2019-12-05]