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Tuesday, 02 December, 2008, 22:40 GMT | more >>

KazMunaiGas eyes Turgai Petroleum


News wires

Kazakh state oil player KazMunaiGas Exploration & Production (KMG) said it wanted to buy a 50% stake in Turgai Petroleum, a company owned by Russia's LUKOIL and a unit of China's CNPC.

KMG deputy chief executive Vladimir Miroshnikov said he was eyeing CNPC-controlled PetroKazakhstan's 50% stake in Turgai Petroleum, an upstream company in which Russia's LUKOIL owns another 50%.

LUKOIL said it was also keen to boost its stake in Turgai Petroleum.

"We are interested in this asset and we will insist on it," Miroshnikov said.

No further details were given of the plans but KMG plans to keep next year’s output unchanged at 9.5 million tonnes compared to this year’s planned production, said Reuters.

The company plans to obtain about 2.5 million tonnes of crude from its stakes in several smaller Kazakh producers this year.


Thursday, 26 June, 2008, 14:55 GMT  | last updated: Thursday, 26 June, 2008, 14:56 GMT

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