The Russian company Lukoil paid JSC NC KazMunayGas (KMG) $200 million for the purchase of a 50% stake in LLP Kalamkas-Khazar Operating (KKO). The partnership is engaged in hydrocarbon extraction at the Auezov, Kalamkas-Sea and Khazar fields in the Caspian Sea.
According to media reports, information about the purchase was published in KazMunayGas's 2023 financial statements. According to the documentation, the deal was closed back in September of last year.
"KMG lost control of the company, which is involved in developing oil and gas fields in the Caspian region. There is also a potential additional payment of $100 million upon meeting certain conditions related to the project", the statement said.
It became known that KMG still has investments in its former subsidiary, which are estimated at 93 billion 258 million tenge. It was also reported that KKO was unprofitable at the time of the stake sale.
In addition, Lukoil holds stakes and joint ventures in projects for the development of oil fields at Tengiz, Karachaganak and Kumkol.