Kazakh Government to Sell Its Shares in CNPC-Aktobemunaigaz

The government's block of shares in the CNPC-Aktobemunaigaz joint-stock company of 25.12 percent will be offered for sale at the Kazakhstan Stock Exchange, a source in the Kazakh Finance Ministry told RBC. This decision was approved by a government resolution of April 30, 2003 in accordance with the President's decree on privatization, issued on December 23, 1995.

The government has instructed the State Property and Privatization Committee of the Finance Ministry to take legal measures to terminate a contract for management of the shares with the Access Industries company ahead of schedule. Deputy Prime Minister Karim Masimov is responsible for controlling the implementation of this resolution.

CNPC-Aktobemunaigaz produces oil in the Aktyubinsk region of Kazakhstan. Its oil reserves reach 570.6m tons, and the corresponding figures for natural gas and gas condensate reserves are 24.95bn cubic m and 40.7m tons respectively.