ALMATY, Kazakhstan (Dow Jones)--Kazakh oil and gas producer JSC KazMunaiGas Exploration Production (RDGZ.KZ), or KMG EP, said Wednesday it has completed the acquisition of a 50% stake in CITIC Canada Energy Limited from China's CITIC Group.
Earlier, on October 3, 2007, the Board of Directors of KMG EP approved a series of transactions to acquire a 50% stake in CITIC Canada Energy. On November 8, 2007 the sale and purchase agreement and other documents related to this transaction were signed. Other required formalities including certain regulatory approvals have also been completed.
Also, on December 12, 2007 shareholders of JSC Karazhanbasmunai have elected nine members of the board of directors and on the same date KMG EP's Chief Executive Askar Balzhanov was elected as chairman of the Board of Directors of JSC Karazhanbasmunai. In 2006 JSC Karazhanbasmunai, that is owned by CITIC Canada Energy, produced approximately 42,000 barrels per day of crude oil.