25 Sep 2009 07:52

CNPC, KMG could finalize purchase of Kazakhstan's MMG next month (repeat)

Astana. September 25. INTERFAX - China National Petroleum Corp. (CNPC) and Kazakh national oil and gas company, KazMunayGas (KMG), could finalize the purchase of oil producer MangistauMunaiGas from Central Asia Petroleum Ltd. in October, KMG President Kairgeldy Kabyldin told journalists on Sept. 24.

"We are currently discussing terms and could announce the closure of the deal in the near future, maybe in October," he said.

The deal had been slated to be finalized on July 31 but was pushed back to Dec. 1.

KMG, CNPC and Central Asia Petroleum, signed an agreement on the purchase on April 20, 2009.

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 under development. The largest fields are the Kalamkas and Zhetybau. MMG also owns a 58 percent stake in the Pavlodar Oil Refinery.

KazMunayGas is Kazakhstan's national company for exploration, production, refining and transportation of hydrocarbons.