RWE Dea Sells Stake in KazGerMunai JV

RWE Dea AG has sold its 25 percent stake in the KazGerMunai joint venture (KGM) in Kazakhstan to the Kazakh company Kazmunaigas.

KGM has been producing crude from the Kazakh oilfield Akshabulak in central Kazakhstan since the end of 1998. Other partners in the joint venture most recently were PetroKazakhstan (a subsidiary of the China National Petroleum Corporation) with a 50% stake, EEG Erdgas-Erdol GmbH (a subsidiary of Gaz de France) with 17.5%, as well as the World Bank Group (7.5%). EEG Erdgas-Erdöl GmbH and the World Bank Group have also sold their shares.

"The sale of the share in the KGM joint venture will have no impact on RWE Dea's general interest in the Capian region", commented Thomas Rappuhn, RWE Dea Board Member in charge of Operations. "This region with its enormous hydrocarbon potentials will remain a potential core area for our upstream activities in the future."