Kazakh state oil and gas company KazMunaiGas has taken management control over MangistauMunaiGas whose 51% it was planning to buy by the end of this year, a spokesman for the state company said Friday.
Uzakbai Karabalin, former chief executive of KazMunaiGas, or KMG, was appointed to head MangistauMunaiGas, the spokesman said. KMG would start managing MangistauMunaiGas immediately, the spokesman said. KMG didn't provide any financial details of the deal it is planning to close within this year.
Central Asia Petroleum is the seller of the majority stake to KMG whose London-listed subsidiary KazMunaiGas Exploration Production (RDGZ.KZ) seeks to buy the MangistauMunaiGas stake from the parent company once the deal is finalized.