Canadian and Turkish firms want to buy small assets of Kazmunaygas

/REUTERS, Astana, Raushan Nurshayeva, November 25, 04/ - Kazakhstan oil and gas state company Kazmunaygas intends to sell stakes in three small oil projects, the highest price for which were offered by firms registered in Canada, Turkey and in Kazakhstan, said a source in Kazmunaygas to Reuters. As the source says, Kazmunaygas must offer these share holdings to other shareholders, who have the first option right, and if they do not take advantage of it - sell the stakes to already chosen buyers. As the source says, on Wednesday at the special competition for determination of the price Canadian Nelson Resourses (controlled by Kazakhstan investors) offered the highest of for candidates sum KZT1.4 bn. ($10.8 m.) for 50% of Arman field. Kazakhstan company Almaz international trading offered the highest price - KZT2.7 bn. - for 69% of shares of Kazmunaygas Telf. Turkish international petroleum offered maximum - KZT4.5 bn. - for 40% in Karakudukmunay. Participants made monetary pawn, which will not be given back in case of refusal to buy at the stated price. "The auction was not aimed for sale but for determining the price of our share holding in these three companies", - said the source. As the source says, partners of Kazmunaygas on companies, shares of which the state company wishes to sell, according to the legislation, are to take decision within 30 days. On December 2 Kazmunaygas plans to hold auction on sale of 52.69% of its market share in a small extracting company Embavedoil. The starting price is KZT154.358 m. As the source says, the state company intends to sell its market shares in small oil companies in order to concentrate in big ones, in particular, at Caspian shelf. "These projects are small for us by the effectiveness... We aim for big attractive projects at Caspian shelf", - said the source. Kazakhstan government promised to exhibit for competition new promising oil-bearing blocks at Caspian shelf before the end of 2004. ($1=KZT130.11) [2004-11-25]