Why KazMunayGas sells its share in Kashagan
Edited by Rhod Mackenzie / 2015-07-15 05:59:27
On July 1st, KazMunayGas (KMG) announced its intention to sell a 50% stake in the Kashagan project for almost $4.7 billion. The company decided to sell half of the company KMG Kashagan BV, which owns 16.88% of Kashagan, to the National Welfare Fund Samruk-Kazyna.
What reasons could induce KazMunaiGas to agree for the sale of its stake in the project, which at one time was called "a miracle of the century" and the main driver for the Kazakh economy. Experts believe that among the main reasons are systemic problems in KazMunaiGas and the disappointment of investors in the Kashagan project.
