Gaz de France Sells stake in KazGerMunai JV
Gaz de France finalized a transaction to sell the Group's 17.5 percent stake in the Kazakh Joint Venture Company KazGerMunai LLP (KGM) to Kazakh national oil company KazMunaiGas JSC, for an amount of US $350 million.
This transaction is part of a larger joint sale, Gaz de France and co-shareholders RWE Dea and International Finance Corporation, the private sector arm of the World Bank Group, together selling 50 percent of KGM to KazMunaiGas JSC for a total consideration of US $1 billion, in line with market conditions.
As a result, the two shareholders of KGM are now KazMunaiGas JSC and PetroKazakhstan Kumkol Resources, a wholly-owned subsidiary of PetroKazakhstan Inc.
KGM holds three production licenses and has successfully developed the Akshabulak and Nuraly oil fields located in the Kyzyl-Orda region, in the center of Kazakhstan. In 2005, KGM produced 2 million tons of crude oil.
Gaz de France's stake in KGM was held through its wholly-owned German subsidiary EEG-Erdgas Erdol GmbH. EEG was one of the founding companies which established the joint venture in 1993. In cooperation with RWE Dea, EEG has contributed significantly to the successful development and operation of KGM.
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