Kazakhstan Will Sell A Stake In KazMunaiGas

KMG EP Jan-Sept Profit Jumps on Higher Crude Price

Kazakhstan will privatize national airline Air Astana, oil and gas company KazMunayGas and nuclear energy company Kazatomprom later than 2020, said Wednesday the Kazakh Minister of Finance Bakhyt Sultanov said on Wednesday.

Stakes in the three companies will be sold through initial public listing operations, Bakhyt Sultanov said at the annual meeting of the European Bank for Reconstruction and Development (EBRD), writes Agerpres.

Kazakhstan, the largest economy in Central Asia, has sold over 120 small and medium enterprises in the privatization process and began preparations to remove the sale of larger companies.

JSC NC KazMunayGas is the national oil and gas of Kazakhstan with exploration, production, refining and transportation of hydrocarbons in Kazakhstan, which represents the state interests in oil and gas, is a vertically integrated company with full cycle of upstream , transport and processing by providing specialized services in the industry. KazMunayGas is the majority shareholder of KMG International.

KMG International NV owns and operates major refinery, petrochemical, retail and trading on multiple international markets. Retail network includes over 1,100 food outlets stations in Romania, Georgia, Bulgaria and Moldova. Group with operations upstream, industrial services and the probe.

Kazakhstan KazMunayGas National Company (NC KMG) and CEFC signed in December 2016 in Bucharest an agreement stating their commitment to carry out the transaction for the purchase of 51% stake in the Chinese company KMGI. By completion this year of the acquisition process of 51% of KMGI after obtaining all necessary approvals of the transaction, CEFC will contribute significantly to accelerating the development of the company, both locally and regionally.