Buyer Community> Trade Intelligence> Energy> UPDATE 1-KazMunaiGas, CNPC take over MangistauMunaiGas
Source: Reuters

UPDATE 1-KazMunaiGas, CNPC take over MangistauMunaiGas

Published: 25 Nov 2009 02:46:23 PST

* KazMunaiGas and CNPC pay $2.6 billion

* Takeover part of $10 billion "loan for oil" deal

ALMATY, Nov 25 - Kazakh state energy firm KazMunaiGas and China's CNPC have bought Kazakh oil company MangistauMunaiGas for $2.6 billion, KazMunaiGas and the Kazakh stock exchange said on Wednesday.

A joint venture set up by KazMunaiGas and CNPC bought MangistauMunaiGas from privately held Central Asia Petroleum, KazMunaiGas said in a statement.

The stock exchange said in a separate statement the deal valued MangistauMunaiGas at $2.6 billion.

The acquisition was part of a $10 billion 'loan for oil' deal agreed this year between China and Kazakhstan.

MangistauMunaiGas, based in the Kazakh town of Aktau, has residual oil reserves of 812 million tonnes, including 194 tonnes of extractable reserves. (Writing by Olzhas Auyezov; Editing by Dan Lalor) (

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