Kazmunaigas (Kazakhstan) wants to borrow 5-year credit for $200 m

/REUTERS, Almaty, Oljas Auezov, July 14, 03/ - Kazakhstan oil and gas state holding Kazmunaigas intends to borrow the credit line for up to $200 m. for five years with the rate LIBOR (one month) plus 1.75% APR, the company informed on Monday. "The borrowed funds will be spent for financing investment program of Kazmunaigas for the period 2002-2006, total preliminary cost of which is $2.8 bn., and also projects of exploration at Caspian sea shelf ", - the message of Kazmunaigas says. Mandate for borrowing credit was given to the bank by BNP Paribas Suisse and Euromin company, a branch of oil trader Vitol, the company informed. Security of the credit will be future money flows on export contracts of daughter oil extracting companies of Kazmunaigas, which in this year plan to extract about 7.5 m. tons of oil, or about 15% of total volume of extraction in Kazakhstan. Structure of Kazmunaigas, which in 2002 received total net income equaling to about $370 m., comprises, besides extracting companies, oil transporting Kaztransoil and gas transporting Kaztransgas. In compliance with recently confirmed by authorities program of development of potentially rich in oil shelf of Caspian Sea, Kazmunaigas will have the priority right for given again blocks. [2003-07-14]