Gazprom Neft And KMG To Acquire MMG?

July 2008 | M&A News Alert

Boris Zilbermints, Deputy General Director of Russia's Gazprom Neft, has confirmed that the company is looking to acquire shares in Kazakhstan's MangistauMunaiGaz (MMG), alongside Kazakhstan state-owned firm KazMunaiGaz (KMG). This followed Kazakhstan's Prime Minister Karim Masimov's recent announcement that the government was aiming to regain a controlling stake in MMG, to which Zilbermints added, 'KMG is definitely going to buy 51% of MMG', adding that Gazprom Neft is keen to acquire the remaining 49%. Gazprom Neft is the fifth largest oil producer and refining company in Russia, and the oil arm of Gazprom, the largest company in Russia.

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