The US ExxonMobil company which now has an 18.52% stake in Kazakhstan’s most promising oil field may agree to transfer a greater stake to the state-run KazMunayGaz oil and gas company than it was agreed between the Agip KCO consortium, which is developing the Kashagan field, and KazMunayGaz at the end of January 2008. In return, ExxonMobil may be granted a licence to develop the Kalamkas field single-handedly; the Kalamkas field is part of the greater Kashagan project.
Back in January, KazMunayGaz agreed to pay $1.78bn for additional shares which have increased the company’s stake in the Kashagan project to 16.81%. The Kazakh government pins its hopes of increasing oil production in the country on the Kashagan project, so it is natural that it wants to get a bigger share in it. However, it may pay a too high price for it.
The state may also increase its stake in Kazakhmys. The news that its stake might be raised to 15% has pushed the price of Kazakhmys shares up by 4.6% to £16.17 GBP per share on the London Stock Exchange. Increasing stakes in mining companies goes in line with the government’s policy to nationalize this sector.
