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ConocoPhillips wants to sell its share in Kashagan

October 2 2012, 10:54

ConocoPhillips, a member of the consortium to develop the Kashagan field, may quit the project, said Sauat MYNBAYEV, Oil and Gas Minister of Kazakhstan on the sidelines of the Kazenergy Forum in Astana according to News-Kazakhstan Information Agency.

- They have intention to sell it. Who is the priority buyer? The state has a priority right to purchase. Then the other current shareholders. If any of them express a desire to buy it, likely they will. We don't know, said Mynbayev.

The minister added that 'nobody has announced anything' officially.

- The only thing we know at the moment is that ConocoPhillips informed it might sell its share. It is their right to decide when and what to sell. I only know they are going to sell. That's all. I do not know any more, emphasized Mynbayev.

To the question if he knew anything about the intentions of other shareholders in relation to buying the share, he said they had such. "First of all, it depends on their longterm plans, therefore I can't comment anything until clear decisions are made," explained Mynbayev. He added that "the desire to sell is voiced at the stage of conversation so far."

He also noted that in case ConocoPhillips leaves the project, the terms of the production share agreement will not change. "Why change PSA? Only shares may change, but the contractual obligations between the government and consortium should not change" concluded the head of oil ministry.

WKT

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