The move is seen by some as a sign of increasing nationalism in the country’s energy sector, coupled with disappointment in Western market principles and disclosure requirements.
State-owned KazMunaiGaz has proposed “making an offer” for ordinary and preferential shares of KMG E&P in free float that together account for nearly 34% of the oil producer’s total stock.
Most of these shares are traded in the UK on the London Stock Exchange, with some changing hands in the Kazakh capital Astana.
KazMunaiGaz
