Kazakh state oil and gas company KazMunaiGas is interested in buying BP PLC's (BP) 6.6% stake in the Caspian Pipeline Consortium, or CPC, its chief executive said Tuesday.
Kairgeldy Kabyldin, chief executive of KazMunaiGas, told reporters that his company has notified BP of its interest in the stake BP holds in CPC through its two joint ventures.
Russia and Kazakhstan own 24% and 19% stakes in the pipeline, respectively, that ships Kazakh crude oil from western Kazakhstan to the Russian city of Novorossiysk on the Black Sea.
A BP spokesman in Moscow said in September that selling the stake was one of the options the company was examining, but that a decision hadn't been made.
BP has cited its opposition to a financing proposal for the pipeline's expansion.
The government of Oman owns 7% of CPC and has said it wants to sell its stake. Both Russia and Kazakhstan are looking into buying Oman's stake.