Shell lost interest in acquisition of KMG shares due to corruption risks - mass media
Almaty. October 10. KazTAG - British-Dutch oil and gas company Royal Dutch Shell has lost interest in acquisition of stake in KazMunayGas (KMG) due to corruption risks, reports De Telegraaf.
“Shell oil and gas giant has lost interest to the Kazakhstan's state-owned company KMG. After the investigation, it appears that the risk of corruption in the company, which is preparing to enter the stock market in 2019, is too great," reads the message.
Sources had said that Shell wanted to acquire a stake of KMG shares before they became public.
“Now Shell would like to keep structural development with KMG with which it has been cooperating for some time. The parties are actively working in oil and gas projects in Kashagan and Karachaganak, " reads the message.
The publication also notes that the government of Kazakhstan has already formed a portfolio of privatizations, which is consistent with the previous sharp drop in oil prices, which, among other things, has caused great damage to the country's government revenues.
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