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20.04.09 | Agreement on Acquisition of Shares in JSC Mangistaumunaigas Signed between National Company KazMunayGas, CNPC Exploration and Development Company Ltd and Central Asia Petroleum Ltd

April 20, 2009
Astana

On April 16, 2009, in Beijing, JSC NC KazMunayGas (KMG) and CNPC Exploration and Development Company Ltd (CNPC E&D) signed the agreement on acquisition of 100 percent of common shares in JSC Mangistaumunaigas (MMG) from Central Asia Petroleum Ltd (CAP).

The shares in MMG are acquired through Mangistau Investments B.V., a joint venture equally owned by KMG and CNPC E&D.

The transaction is scheduled to close until the end of July 2009, after relevant regulatory approvals are obtained.  The transaction will be funded by the Export-Import Bank of China.

The assets of JSC Mangistaumunaigas acquired by KMG and CNPC E&D include the Kalamkas deposit, Zhetybai group and other exploration assets of MMG.  The shares and assets related to the Pavlodar oil refinery held by MMG have been excluded from the transaction.

The acquisition will allow KMG to increase the existing reserve base and raise oil production.

MMG is one of the largest enterprises in Mangistau oblast; its business affects the social and economic development and ecological situation in the region.  In due consideration of this, National Company KazMunayGas stresses that MMG will pay special attention to the fulfillment of its of social obligations including maintaining of jobs, timely payment of wages, personnel training, social support to the region in accordance with the contractual obligations, operating in compliance with HSE legislation; the company will also continue its work on increasing the Kazakhstan content in purchasing of materials, equipment and services.

 

CNPC Exploration and Development Company Ltd. (CNPC E&D) is a joint venture formed on a parity basis by China National Oil & Gas Exploration and Development Corporation and PetroChina, subsidiaries of CNPC.

Central Asia Petroleum Ltd is a company incorporated in the British Virgin Islands which holds 100 percent of the voting shares in JSC Mangistaumunaigas.

JSC Mangistaumunaigas (MMG) is one of the major oil-producing companies in Kazakhstan. The company has 36 oil and gas deposits, 15 of them are under development. The largest deposits in terms of reserves are Kalamkas and Zhetybai.

JSC “National Company “KazMunayGas” is the Kazakh national upstream and downstream operator representing the interests of the state in the petroleum sector of Kazakhstan. 100 percent of shares in JSC NC “KazMunayGas” are owned by JSC “Sovereign Wealth Fund "Samruk-Kazyna.”


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