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LUKoil To Take Over Kazakh Oil Firm

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

LUKoil To Take Over Kazakh Oil Firm

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.


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