Featured

Kazakhstan-China $3.3 billion oil deal delayed

Kazakh and Chinese state oil firms' joint $3.3 billion acquisition of a Kazakh private upstream company has been delayed, Kazakhstan said on Wednesday without providing the timeframe or the reason for the delay.

 

The acquisition of MangistauMunaiGas (MMG), part of a $10 billion "loan for oil" deal agreed this year, was due to be completed in July. But Kazakh state oil company KazMunaiGas KMG.UL said it had yet to be finalized.

 

"The term (of closing the deal) has been extended by the parties' mutual agreement," a KazMunaiGas spokesman said.

 

"Several issues are being resolved."

 

He did not say when the deal would be closed and whether the price that KazMunaiGas and China's CNPC are paying could change.

 

MangistauMunaiGas, based in the Kazakh town of Aktau, has residual oil reserves of 812 million tons, including 194 tons of extractable reserves.

Reuters

Experts of the Committee against Torture Commend Kazakhstan for Enhanced Legislation

Experts of the Committee against Torture Commend Kazakhstan for Enhanced Legislation

More details
Kazakh official: Not the time to resolve differences through war

Kazakh official: Not the time to resolve differences through war

More details
Oil majors sued by Kazakh government over billions in revenue

Oil majors sued by Kazakh government over billions in revenue

More details