revista presei pe energie 22 octombrie – part II

2010/10/22 Kazakhstan plans to sell 20% of KazMunaiGas shares

Kazakhstan is expecting to sell up to 20 percent of state-owned energy giant KazMunaiGas, possibly on the London Stock Exchange next year.

The initial public offering (IPO) sale would raise “billions” of dollars, the Bloomberg news agency on Wednesday cited the republic’s sovereign wealth fund Chief Executive Officer Kairat Kelimbetov as saying. He declined to be more specific.

“We are talking about an IPO of not more than 20 percent of this company,” the news agency quoted Kelimbetov as saying.

Kazakhstan’s national oil and gas company KazMunaiGaz said in April it needs to invest between $1.5-2.5 billion a year to exploit the super-giant Northern Caspian offshore oilfield Kashagan.

Discovered in 2000, Kashagan is the largest oilfield found in the world in the last 30 years, and the biggest found outside the Middle East.

Kazakhstan sits on 3 percent of the global oil reserves, while KazMunaiGaz produces 24 percent of the country’s oil output.

The Astana government is seeking foreign investment to develop the country’s oil, natural gas and rare metals industries, Kelimbetov said.

Samruk-Kazyna may sell off parts of other companies it holds, possibly on the Hong Kong stock market, the CEO said.

The company is currently offering its shares of financial lenders BTA Bank, Temirbank and Alliance Bank.

Among a long list of holdings, Samruk-Kazyna holds shares in uranium mining giant Kazatomprom as well as power utilities and telecom company Kazakhtelecom. Kazakhs eye KazMunaiGaz stake sale

Kazakhstan’s sovereign wealth fund Samruk-Kazyna could sell 10% to 20% of oil company KazMunaiGaz through an initial public offering next year, the fund’s chief executive Kairat Kelimbetov said today.

“We could do such an IPO; the best time to make a decision is the beginning of next year,” Kelimbetov told Reuters in an interview.

“This decision will be made at a high level. I think it would be placed next year.”

An IPO was one of the possible options to raise money for Kazmunaigaz’ $20 billion industrial programme, Kelimbetov said, citing the recent success of Brazilian state company Petrobras’s $70 billion share offering.

Any listing would likely be on the London market, he added.

“The real international financial centre is London, and we are looking for London.”

Kazakhstan produces around 632 million barrels of oil per year, but this is expected to rise sharply in coming years as Kashagan, one of the world’s largest new oilfields, comes onstream.

Kazmunaigas holds the Kazakh stake in the project.

Samruk-Kazyna controls assets worth $70 billion across various sectors of Kazakhstan’s economy, including 100% of Kazmunaigas. Budapest eyes Surgut’s MOL slice

Hungary wants to buy Russian player Surgutneftegaz’ 21.2% stake in MOL by the end of this year, according to reports.

“We believe it would be beneficial for the state if it could become a shareholder in MOL” through the purchase of the stake held by Surgutneftegaz, Bloomberg quoted Development Minister Tamas Fellegi as saying.

Hungary may finance the transaction from the market “based on the preliminary feedback we’ve received. I’m not worried about raising the necessary funds, should the government wish to,” Fellegi told Bloomberg.

The stake is worth 460 billion forints ($2.32 billion), Bloomberg said.

A Surgut source later told Reuters the Russian player was weighing up selling the stake.

“We wants to sell it and we are in constant talks with MOL,” he said without elaborating further.

Surgut has been blocked from MOL’s shareholder meetings since it bought the stake from Austria’s OMV for €1.4 billion ($1.8 billion) last year in a deal which angered MOL and the former Socialist government in Budapest. Energy Minister: Turkey To Begin Oil Exploration Around Cyprus – IHA

Turkish Energy Minister Taner Yildiz said Thursday Turkey will begin work on oil exploration around Cyprus and may supply energy to the Greek Cypriot side, the Ihlas News Agency, or IHA, reported.

“We will begin work on oil exploration around Cyprus and in our exclusive territory,” Yildiz told reporters. SOCAR improves Azerbaijan’s gas transportation system

The State Oil Company of the Azerbaijan Republic (SOCAR) carried out a repair work on the 3,736-meter stretch of the 1220-mm Astara-Kazimagomed pipeline in January-September, the company reported.  SOCAR transports gas to Iran through this pipeline under the swap operations to meet the needs of the Nakhchivan Autonomous Republic.

The company also carried out a repair work on the 400-meter stretch (at the crossing of the Velvelechay River) of the 122-millimeter Mozdok-Kazimagomed pipeline. In addition, the reconstruction work was done to replace the input and output directions of the Siyazan compressor station. The station has already been commissioned.

A 325-mm Gadabay-Novosaratovka pipeline with length of 32.4 kilometers, and was laid to ensure uninterrupted gas supply to the country’s western regions. Also, the company carried out work to improve technical condition of the main gas pipeline to ensure the gas transfer via the transport system between the Garadan gas distribution station and the Kazimagomed gas compressor.

During the report period, the company repaired 40 kilometers of gas pipelines, as well as constructed a 720-mm pipeline with length of 20 kilometers for gas transporting and pumping under 55 atmospheres pressure into the Kalmaz underground gas storage facility.

The construction of a 1,020-millimeter pipeline is also under completion. The pipeline is constructed to transport high-pressure gas received by the central installations of the Sangachal terminal from the Azeri-Chirag-Guneshli and Shah Deniz fields.

SOCAR’s Production Union Azerigas takes measures to improve the country’s gas transportation system.

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