National company "KazMunayGaz" says it exercised call option to buy back 50% share in KMG Kashagan B.V. from Samruk-Kazyna

21.09.22 11:23
/KASE, September 21, 2022/ – National company "KazMunayGaz" JSC (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated September 20, 2022: quote On September 15, 2022, JSC NC «KazMunayGas» (the «KMG») used the right under the Share Option Agreement concluded in 2015 and acquired from JSC Samruk-Kazyna (the «Fund») a 50% share in KMG Kashagan B.V. for 3.8 billion US dollars, which owns 16.88% in the North Caspian Production Sharing Agreement (the Kashagan project). «This acquisition is one of the largest transactions for KMG in recent years. As a result of the increase in the share in the Kashagan project, KMG's consolidated production, EBITDA, net profit and assets will improve. At the same time, the company's debt will also increase. It is planned that payment for the acquisition will be made at the expense of cash flows of KMG Kashagan B.V.» Deputy Chairman of the Management Board of KMG Dauren Karabayev said. unquote The full press release is available on KASE website – [2022-09-21]