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KazMunaiGas buys majority stake in Kazakh oil firm
ALMATY |
ALMATY Jan 12 (Reuters) - Kazakh state oil and gas company KazMunaiGas [KMG.UL] said on Monday it had bought a controlling stake in local upstream company MangistauMunaiGas.
"The acquisition will be financed from KazMunaiGas' own funds," the company said in a statement without giving information about the price of the stake.
The deal, through which KazMunaiGas will buy 50 percent of MangistauMunaiGas plus two shares, is due to be closed by March after regulatory approvals.
KazMunaiGas's London-listed subsidiary KazMunaiGas E&P (KMGq.L) had said earlier it would be interested in eventually acquiring the company.
MangistauMunaiGas, previously owned by Indonesia-based Central Asia Petroleum, is based in the Kazakh oil town of Aktau. Its residual oil reserves are 812 million tonnes, including 194 million tonnes of extractable reserves. (Writing by Olzhas Auyezov; Editing by Jon Loades-Carter)
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