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11

LUKoil To Take Over Kazakh Oil Firm

The company considers boosting its share in Kazakh Turgay Petroleum to 100 percent

Russian second largest oil company LUKOIL?s vice-president Leonid Fedun said yesterday the company considers boosting its share in Kazakh Turgay Petroleum to 100 percent from 50 percent by pre-empting the stake of Petrokazakhstan.

LUKOIL already sent a notification on this point to the Kazakh authorities, Petrokazakhstan and Chinese CNPC, which bought Canada?s firm several weeks ago. The stake will cost $1 billion.

Turgay Petroleum, set up in 1995, is owned equally by PetroKazakhstan Kumkol Resources (one of Petrokazakhstan?s Kazakh companies) and Netherlands-based Lukoil Overseas Kumkol B.V. The profit of Turgay Petroleum amounted to $225 million in the first half of 2005, according to Lukoil.