KazMunaiGas to sell shares of its branch company at KASE

/IRBIS, July 28, 04/ - Kazakh state oil and gas firm KazMunaiGaz (KMG) could sell part of shares of its branch company in the next year through the stock exchange Reuters reported quoting KMG Managing Director Aidan Karibzhanov. According to Reuters, RDK (Exploration and Production KazMunaiGas) firm was created in Spring this year by merger of two branch companies - Embamunaigas and Uzenmunaigas. This is a sole daughter company of Kazmunaigas with minority interest presented. KMG holds 88% of RDK, the rest is distributed among investment funds and individuals. Aidan Karibzhanov told to Reuters that KMG looks for political aspect of the decision to sell RDK stake and technical work with lawyers, bankers, KASE and the National Bank. He gave not precise figure of the stake to be sold noting that KMG would anyway retain control stake. KMG consists of several branch companies including oil and gas pipeline transportation monopolies: KazTransOil and KazTransGas. RDK is a second largest company in Kazakhstan after Tengizchevroil by oil production level. it planned to produce 8.4 million tons of oil and condensate in 2004. [2004-07-28]