International trader for oil advancement has been defined
JSC NC KazMunayGas (“NC Kmg”) has initiated a request for offer process to solicit offers from selected international oil traders that are able to assist NC KMG in arranging a forward sale of crude oil export of 20% stake of NC KMG in “TENGIZCHEVROIL” LLP (“TCO”) , which will require a prepayment of up to us $ 3,000,000,000;
In September it was decided by NC KMG that KazMunayGas Trading AG (“KMGT”) will act as an agent being in charge with the management of the entire process (design the procedure, select the bidders, propose evaluation criteria, organize the committee meeting in Lugano);
On 30 November 2015, the committee (consisting of representatives of NWF “Samruk-Kazyna” JSC, NC KMG and KMGT) has decided on the winner - Vitol S.A.
In the upcoming period, KMGT together with NC KMG, winner and TCO representatives will start working on finalizing the documentation of this very important project for NC KMG. It is expected that NC KMG will be able to draw the first tranche within 2-4 months.