Kazakh-Chinese JV pays off Exim Bank’s loan
The Mangistau Investments B.V. company, which is a joint venture of KazMunaiGas National Company (KMG) and the Chinese national oil company CNPC, paid off a loan of the Export-Import Bank of China (China Exim Bank) ahead of time.
"A loan worth $ 2.8 billion, maturing in November 2019, was drawn in November 2009. The borrowed funds were used to acquire 100 percent of the ordinary shares of Mangistaumunaigas company," KMG reported.
Mangistau Investments B.V. controls 99 percent of Mangistaumunaigas's shares - one of the Kazakh largest oil producing enterprises. KMG and CNPC own Mangistau Investments BV on a parity basis.
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