KazMunaiGaz Plans to Borrow USD 2 Billion in 2010
OREANDA-NEWS. April 13, 2010. KazMunaiGaz National Co., a Kazakh state-owned energy company, is seeking to borrow as much as USD 2 billion this year and is considering a share sale within three years as it bids to join the world’s leading oil producers.
KazMunaiGaz plans to invest USD 4.3 billion this year in production, refining and pipelines, and refinance existing debt, Ardak Kassymbek, general manager for corporate strategy and asset management, said today in a phone interview from Astana.
The capital markets offer a “favorable situation” as KazMunaiGaz’s outstanding bonds trade with a yield of about 5.5 percent, Kassymbek said.
KazMunaiGaz, which accounts for about a quarter of
The borrowing would help cover USD 1.2 billion of spending planned this year for Kashagan, the country’s biggest oil field, Kassymbek said.
KazMunaiGaz also plans to invest USD 300 million at its Atyrau refinery and USD 200 million to upgrade Rompetrol, Kassymbek said.
“An IPO would be an optimal solution for the company to raise additional capital,” although requiring significant work, he said.
In the next five years, KazMunaiGaz plans to invest as much as USD 4 billion a year, including from USD 1.5 billion to USD 2.5 billion a year for the Kashagan development, Kassymbek said.
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