KazTransOil to launch $200 mln Eurobond in 2006

/REUTERS, Almaty, Raushan Nurshayeva, October 4, 05/ - KazTransOil, an oil-transporting unit of Kazakhstan's state oil firm KazMunaiGas, said on Tuesday it would launch a Eurobond worth at least $200 million in 2006. "Taking into account the investment projects which are in works at the moment the maturity is likely to be seven to nine years," KazTransOil Director General Kairat Krymov told reporters at an international energy conference in Almaty. In 2001, KazTransOil launched a $150-million, five-year Eurobond, and Krymov said the company would redeem it on time in June next year. "Taking into account the latest ratings which we have been assigned, we are now planning to issue new bonds for no less than $200 million," he said. In August Standard & Poor's raised KazTransOil's long-term issuer credit and senior unsecured debt ratings to 'BB+' from 'BB'. The outlook is stable. Krymov said the new bond would help finance the construction of a pipeline aimed to facilitate future oil transports from the giant Kashagan offshore field in the Caspian developed by an ENI-led consortium. [2005-10-04]