Interfax cited Mr Kairat Kelimbetov head of the national welfare fund Samruk-Kazyna as saying that the deadline for the closure of the purchase of Kazakh oil producer MangistauMunaiGas by national oil and gas company KazMunayGas and China National Petroleum Corporation has been extended from July 31st to December 1st.
He said the deadline was extended following talks in Beijing.
He added that "At present, joint venture Mangistau Investments B.V., which was set up to purchase 100% of the shares in MangistauMunaiGas has received permission from the European Commission as well as economic approval from Kazakhstan's competition protection state agency."
KazMunayGas is Kazakhstan's national operating company for exploration, production, refining and transportation of hydrocarbons and is the state's representative in the oil and gas sector. The company is wholly owned by Samruk the holding company that manages state assets.
Central Asia Petroleum Ltd is registered in the British Virgin Islands and for now owns 100% of the voting shares in MMG.
MMG, founded in 1995, is one of the largest oil producers in Kazakhstan. The company owns 36 oil and gas fields, 15 of which are being developed. The largest fields are the Kalamkas and Zhetybau. MMG also owns a 58% stake in the Pavlodar Oil Refinery.
(Sourced from Interfax)
