KazMunaiGas Plans No New Proposals To Buy Back KMG EP Shares

KazMunaiGas Plans No New Proposals To Buy Back Kmg Ep SharesKazakh National Oil and Gas Company KazMunaiGas has no plans to buy the shares of its subsidiary KazMunaiGas Exploration Production (KMG EP), KazMunaiGas’ head Sauat Mynbayev told reporters on Aug. 25, Novosti-Kazakhstan news agency reported on Aug. 25.

“We already come out with a such proposal, now we have no proposals,” Mynbayev said.

On Aug 3. KMG EP’s independent shareholders voted against the amendments to the agreement on the mutual relations with KazMunaiGas and to the company’s charter, proposed by KazMunaiGas which is its main shareholder.

KazMunaiGas also proposed to purchase the company’s shares owned by independent minority shareholders in the case of alteration of KMG EP’s Charter. Since KMG EP shareholders voted against the alteration of the company’s Charter, the purchase offer did not enter into force.

KMG EP is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tons of oil, including the company’s share in joint ventures.