Kazakh Oil & Gas Minister commented on sale of ConocoPhillips share in Kashagan project

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ATYRAU. July 17. KAZINFORM "Kazakhstan does not interfere into the sale of ConocoPhillips share in Kashagan project," Minister of Oil and Gas of Kazakhstan Uzakbai Karabalin said.

The Minister commented on the rumors that if ConocoPhillips sells its stake to the Chinese company, as it is stated in the mass media, China will strengthen its position in the oil and gas sector of Kazakhstan.

"In my opinion, there's nothing wrong about it. The Kashagan project involves other big names [companies] that will work together," Karabalin added.

«Conoco Phillips» is ready to sell its 8.4% stake in the Kashagan project. In late November, the company has officially notified the government of the Republic of Kazakhstan and the project partners of its intention to sell its stake. The acquisition price is $5 billion. Kazakhstan has a priority right to purchase the shares in the oil and gas projects in the event of the sale of existing owners.

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