CITIC Resources Holdings Limited announces that completion of the acquisition of the Kazakhstan Interests and the benefit of the KBM Energy Limited indebtedness by the Company from CITIC Group took place on Dec. 12, 2007. As a result, the company now has an indirect interest in 50% of the outstanding common shares of CITIC Canada Energy Limited and thereby an indirect interest in 50% of the issued voting shares of JSC Karazhanbasmunai and 50% of the participation rights in Argymak Trans Service LLP and Tuplar Munai Services LLP.
KBM, ATS and TMS operate oil and oil-related businesses, including the development and production of oil at the Karazhanbas oilfield in Kazakhstan, which has about 363.8 million barrels of proved reserves as of 2006.
The company has been advised that JSC KazMunaiGas Exploration Production has also completed its acquisition of 50% of the outstanding common shares of CCEL from CITIC Group on the Completion Date. With effect from the Completion Date, the Company and KMG EP will manage and operate the Kazakhstan Business as a joint venture through their respective ownership interests in CCEL.
KMG EP is the third largest Kazakhstan oil-and-gas producing company. Its shares are listed on the Kazakhstan Stock Exchange and it has global depositary receipts listed on the London Stock Exchange. KMG EP is owned as to 61% by JSC National Company KazMunaiGas, the stated-owned oil company of Kazakhstan.
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