Kazakh state oil and gas company KazMunaiGaz is in talks to sell half of Kazakhstan's largest oil refinery, Pavlodar, to TNK-BP for $600 million, industry sources said Friday.
"The acquisition of the Pavlodar refinery by TNK-BP is a done deal. The contract will be signed this autumn," a source close to KazMunaiGaz said.
The Soviet-era refinery can process up to 7.5 million metric tons of oil per year and is linked to pipelines in neighboring Russia.
KazMunaiGaz said earlier this month that it was in talks with Russians over a possible stake sale.
The head of the sovereign wealth fund Samruk-Kazyna said earlier this month that Kazakhstan is ready to cut stakes in key companies to modernize the economy and is looking to sell banks and energy assets in the next five years.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.