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KazMunayGas will not enter IPO in 2020

KazMunayGas will not enter IPO in 2020

Nur-Sultan, May 11– Neftegaz.RU. Kazakhstan’s national oil and gas company KazMunayGas will not enter an IPO in 2020 due to the crisis in the oil and financial markets, the company´s Deputy Chairman and Finance Director Dauren Karabayev told on a briefing, NewEurope reported.

“The company planned to enter the IPO in 2020, but now it will not. In connection with the changing situation in the global oil market and global financial markets, the company is now reviewing the terms for the IPO,” Karabayev said.

The question is when the markets will recover from the crisis caused by falling oil prices and the coronavirus pandemic, he said.

In October last year, Samruk Kazyna National Welfare Fund head Akhmetzhan Yesimov confirmed that the national oil company KazMunayGas would enter an IPO in 2020.

The chairman of the board of the exchange of the Astana International Financial Center (AIFC) Tim Bennet even called the dates for the initial public offering of shares of NK KazMunayGas as the second quarter of 2020.