Kazakhstan - 04

Kazakhstan: KMG Follows Rosneft with Advance Cash-for-Oil Payments

KMG announced this week that it plans to receive up to $3bn in advance payments from Vitol in exchange for crude shipments from its stake in the Tengiz oilfield. KMG has prepared for this deal since September, right after it sold half of its stake in the troubled Kashagan project to the Samruk-Kazyna Welfare Fund (SK Fund) and received a $4.7bn cash injection that it then used to launch a $3.4bn bond buyback in October. All of these measures are an effort to cut the…

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