July 17, 2008

Gazprom Neft Confirms Interest in 49% Stake in Kazakhstan’s Mangistaumunaigaz

MOSCOW. July 17 (Interfax) - Gazprom Neft (RTS: SIBN) CEO Alexander Dyukov confirmed his company's interest in acquiring a 49% stake in Kazakh gas producer MangistauMunaiGaz and launching strategic cooperation with the company at a meeting with KazMunayGas President Serik Burkitbayev on Thursday, the two companies said in a joint press release.

The two officials also discussed cooperation between Gazprom Neft and KazMunayGas as concerns the joint exploration, extraction and refining of oil in Kazakhstan, Russia and other countries.

An agreement was reached at the meeting on continuing the gradual increase in Gazprom Neft's oil supplies to the Pavlodar Oil Refinery, the press release says.

MangistauMunaiGaz, founded in 1995, is one of the largest oil producers in Kazakhstan. The company owns 36 oil and gas fields, 15 of which are being developed. The largest fields are the Kalamkas and Zhetybau. MangistauMunaiGaz also owns a 58% stake in the Pavlodar Oil Refinery.

KazMunayGas is the national operating company for the exploration, production, refining and transportation of hydrocarbons and is the state's representative in the oil and gas sector.

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