News 2012
#3 (75), June 2012KMG EP
JSC KazMunayGas Exploration & Production completed a deal for the sale of a 51 % interest in the charter capital of Kazakhstan Petrochemical Industries Inc. (KPI) to United Chemical Company, informed KMG EP’s press-service. KPI is the operator of the project for the construction of the first integrated gas chemical plant in the Atyrau region of Kazakhstan.
United Chemical Company LLP exercised a trust management of KMG EP’s shares in this project since 2009. The deal was approved by the decision of the board of directors of KMG EP of March 2, 2012.
The cost of the deal is KZT4.86 billion ($33.5 million). As a result, KMG EP will receive incomes from realization of investments worth KZT4.86 billion not entailing tax consequences because the amount of initial investments is equal to the amount of sale, is explained in the message. The sale of shares in this project corresponds to the company’s strategy on the exit of KMG EP from non-profile assets, including the petrochemical business.
United Chemical Company LLP is included into the group of companies of JSC Samruk-Kazyna National Welfare Fund. The main objective of United Chemical Company LLP’s activity is assistance to the development of the chemical industry in the Republic of Kazakhstan.