KMG Wins Control Of MMG, But From Whom?

Kazakhstan's state-owned KazMunaiGaz (KMG) has announced that it has acquired a controlling stake (50% plus two shares) in compatriot MangistauMunaiGaz (MMG), but at present a number of key details remain unknown. Firstly, financial details have not been revealed, though KMG has said that the deal would be financed through the company's own funds, and moreover with MMG's ownership structure opaque, it is still not clear from whom KMG has bought the stake. Earlier in the year CFW described how KMG's exploration and production (E&P) arm KMG E&P had expressed an interest in eventually acquiring total ownership over MMG, plans which

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