China’s CNPC Inks Deal For $5 Billion Stake In Kazakhstan Caspian Shelf Eurasia Review:
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China’s CNPC has signed a deal with Kazakhstan’s Kazmunaigaz (KMG) to purchase an 8.33 percent stake worth $5 billion in the Kashagan oil and gas field on the Caspian shelf, the head of KMG said Saturday, September 7, according to RIA Novosti.
“After completing all the procedures, the Chinese side has become an 8.33 percent shareholder,” KMG’s head Sauat Mynbayev said after a signing ceremony. “The value of the deal is around $5 billion, but in addition to the sales price there are a range of conditions, namely the Chinese will finance a share in KMG for second-phase investment. Let’s say, the first part of the second phase – this is around $3 billion only on the part of KMG, the total amount is around six times more,” he added.
“KMG now has a 16.8 percent share in Kashagan,” he said. “This is half the investment KMG is obliged to finance in accordance with its share obligations. In addition, a pipe works will be built, as well as an industrial complex for oil equipment in Aktau, and some social facilities in Astana,” Mynbaev added."
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“After completing all the procedures, the Chinese side has become an 8.33 percent shareholder,” KMG’s head Sauat Mynbayev said after a signing ceremony. “The value of the deal is around $5 billion, but in addition to the sales price there are a range of conditions, namely the Chinese will finance a share in KMG for second-phase investment. Let’s say, the first part of the second phase – this is around $3 billion only on the part of KMG, the total amount is around six times more,” he added.
“KMG now has a 16.8 percent share in Kashagan,” he said. “This is half the investment KMG is obliged to finance in accordance with its share obligations. In addition, a pipe works will be built, as well as an industrial complex for oil equipment in Aktau, and some social facilities in Astana,” Mynbaev added."
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