The government plans to sell a 25.12% state stake in CNPC-Aktobemunaigas for a minimum of USD 130mn, State Property and Privatisation Committee Deputy Chairman Utepov informed.

Utepov remarked that a number of large oil companies were expected to take part in the tender (without disclosing the names). The funds raised from the sale of state stake will be allocated to National Oil Fund.

Moreover, the stake will be divided into 2 parts, including one large stake for strategic investors and small ones for portfolio investors, he added. The stake will be sold through KASE on May 28.

Chinese oil company CNPC holds 60.3% in CNPC-Aktobemunaigas and earlier PM Tasmagambetov disclosed that the company was interested in the stake purchase. CNPC-Aktobemunaigas had also issued the preferred stock owned by more than 5,000 individuals.

CNPC-Aktobemunaigas plans to extract 5.2mn tons of oil in 2003. Reportedly, the deposits being explored by the company have reserves sufficient for 17-18 years.

(IntelliNews 26.v.03)