Kazakhstan's state oil and gas company Kazmunaigas, or KMG, and Russia's OAO Gazprom Neft (SIBN.RS) have ended talks over the holdings of Kazakh oil producer AO MangistauMunaigas, or MMG, the Interfax news agency reported Tuesday, citing a person familiar with the situation.
In July, Gazprom Neft, the oil arm of state-controlled gas giant OAO Gazprom (GAZP.RS), said it wanted to buy a 49% stake in MMG.
KMG is currently in the process of acquiring a 51% stake in MMG and has chosen another non-Russian investor, which offered a better deal, to hold the remaining stake, the news agency said.
Gazprom Neft declined to comment.