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Wednesday 28 Oct 2015 - 13:09 Makkah mean time-15-1-1437
Astana, Kazakhstan (IINA) - Kazakhstan's National Welfare Fund "Samruk-Kazyna" announced on Tuesday that it signed a five-year syndicated loan deal worth $1.5 billion to help it buy a stake in the Kashagan oilfield from Kazakhstani state oil and gas firm KazMunaiGas (KMG), Reuters reported.
The Bank of Tokyo Mitsubishi UFJ, Ltd. was mandated as the sole coordinator, bookrunner and lead arranger for the loan, which was Samruk's first transaction of the kind.
Samruk said the loan had originally been signed for $1 billion, but a clause in the deal would allow it to raise the amount to $1.5 billion.
KMG said last month that it would sell half its 16.81 percent stake in the giant Kashagan oilfield to Samruk-Kazyna for $4.7 billion, hoping to close the deal in November. It also noted that it plans to use proceeds from the sale to reduce its debt related to the project by about $2.2 billion.
It is noteworthy that the oil field began production in September 2013 but halted operations a few weeks later after gas leaks were detected in its pipelines, and it is not expected to restart output at the end of 2016 or early 2017.
Besides KMG, the Kashagan oilfield consortium includes Eni, Exxon Mobil, Royal Dutch Shell, Total, China's CNPC and Japan's Inpex.
AG/IINA
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