Middle East Economic Survey

VOL. L

No 23

4-June-2007

CASPIAN

KazMunaiGaz E&P Given 50% Option On Karazhanbasmunai

Kazakh state-owned KazMunaiGaz E&P (KMZ E&P) has secured an option to purchase 50% of Karazhanbasmunai from Chinas CITIC Group for around $955mn. The Chinese group in January bought 94.6% of the Kazakh operating company from Canadas Nations Energy, now called CITIC Canada Petroleum Ltd (CCPL), for $1.9bn (MEES, 1/8 January). CCPL is operator of the Karazhanbas oilfield in...