"Kazakhstan seems to have overcome its initial doubts and has decided to increase its stake in the giant Kashagan oil field.
So, ConocoPhillips will not be selling its 8.4 per cent stake in the offshore Caspian Sea project to India’s ONGC Videsh as planned since last year. Instead, as announced on Tuesday, Kazakhstan will use its pre-emption rights and put the stake in the hands of state-controlled KazMunaiGas (KMG). The price? $5bn, same as India would have paid.
ConocoPhillips said it had been notified that the Kazakhstan oil and gas ministry was exercising its rights to the 8.4 per cent interest and had designated KMG as the buyer. The deal is expected to close in the fourth quarter of 2013. “The proceeds received by ConocoPhillips under the pre-emption will remain unchanged at approximately $5 billion, including customary adjustments,” said ConocoPhillips."
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