Kazakhstan oil refinery

Shell eyes stake in Kazakhstan’s NOC

Kazakhstan

ASTANA, March 14, 2018 – Shell is in talks to buy up to 20% of Kazakhstan NOC KazMunayGaz, international media reported on Tuesday.

 

While anonymous Kazakh sources interviewed by Reuters offered no information about the value of the deal, it would come shortly before a planned international floatation of the company’s shares.

“We think they [Shell] could become a strategic partner, this would increase the company’s value ahead of the IPO,” one of the sources told the agency.

Kazakhstan’s sovereign wealth fund owns 90% of KazMunayGaz while the country’s central bank holds the remaining 10%. A potential Shell purchase could include the central bank stake, the report added.