Samruk-Kazyna secures funds to buy stake in Kashagan oil field

Samruk-Kazyna, a Kazakh sovereign wealth fund, plans to buy a stake in the Kashagan oil field from Kazakh state oil and gas firm KazMunaiGas (KMG), according to Reuters, and, for this intent, has secured a five-year syndicated loan worth up to $1.5 billion.

Reuters noted that KMG may sell half of its 16.81% stake in the Kashagan oil field to Samruk-Kazyna for $4.7 billion, and that the transaction may close in November. KMG says that it will use proceeds from the sale to reduce the company’s debt related to the project by approximately $2.2 billion. KMG is a partner in the Kashagan oilfield development consortium, along with Eni, ExxonMobil, Royal Dutch Shell, Total, China's CNPC, and Japan's Inpex.

The Bank of Tokyo Mitsubishi UFJ Ltd. will serve as the sole coordinator, book runner, and lead arranger for the loan.

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