Kazakh-Chinese enterprise pays off Exim Bank’s loan (UPDATE)
By Aynur Jafarova
The Mangistau Investments B.V. Company has paid off a loan of the Export-Import Bank of China ahead of schedule, Kazakhstan's national oil and gas company KazMunaiGas reported.
"A loan worth $2.8 billion maturing in November 2019 was drawn in November 2009. The borrowed funds were allocated to the acquisition of 100 percent of the ordinary shares of the Mangistaumunaigas Company," the report said.
The Mangistau Investments B.V. which is a joint venture of the KazMunaiGas and Chinese national energy company CNPC controls 99 percent of Mangistaumunaigas's shares, which is one of Kazakhstan's largest oil producing enterprises. KazMunaiGas and CNPC own Mangistau Investments BV on a parity basis.
The Mangistaumunaigas located in the Aktau city of Kazakhstan possesses a certificate for exploration and production of oil and gas in 19 oil and gas fields.
With a presence in almost 70 countries CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction.
CNPC began operating in Kazakhstan in 1997. The company's investment operations include oil and gas project in Aktobe, oil project in North Buzachi, a project on the development of five oil fields, as well as two projects of exploration.
Furthermore, CNPC is a contractor on the construction of the Kazakhstan - China oil pipeline, the Kenkiyak - Atyrau oil pipeline, the Kazakhstan - China gas pipeline, facilities for storage and transportation of oil and gas. The company implements their exploitation jointly with Kazakhstan.