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Xinjiang Guanghui plans energy development in Kazakhstan

BEIJING. April 21. KAZINFORM Xinjiang Guanghui Industry Co Ltd has signed a cooperation agreement with Kazakhstan-based Tarbagatay Munay LLP (TBM) on oil and gas exploration and development in Kazakhstan, the Shanghai Securities News reported on Monday, Kazinform refers to China Knowledge Online. According to the agreement, Xinjiang Guanghui will buy a 49% stake in TBM for RMB 303 million, and team up with the Kazakhstani company to develop an oil gas field covering about 8,300 square kilometers in eastern Kazakhstan. After the stake purchase, the Chinese company will get 50% of TMB's management rights. In addition, TBM will invest RMB 30.3 million for a 10% stake in an LNG plant to be established in Jeminay County, in Altai Prefecture of China's Xinjiang Uygur Autonomous Region. The plant will have an estimated processing capability of 500 million to 800 million cubic meters. TBM was also given the option to raise its stake in the plant by 14.9% for RMB 258 million in a three-year period, Kazinform cites China Knowledge Online. Copyright - 2009 See for full version.


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