Extension of the term of NC KMG's option agreement to buy back 50% stake in PCLL KMG Kashagan B.V.
National Company KazMunayGas JSC ("NC KMG") hereby informs that pursuant to the terms of the Amendment to the Share Option Agreement signed between Cooperative KazMunaiGaz U.A. (99.88% subsidiary of NC KMG) and JSC "National Welfare Fund" Samruk-Kazyna (the "Fund"), the term for the exercise of the option to buy back a 50% stake in PCLL KMG Kashagan B.V. (“KMGK”) has been extended from 2018-2020 until 2020-2022.
For reference: In October 2015, the Fund acquired a 50% stake in KMGK from NC KMG, leaving NC KMG with the right to buy back the above shares in accordance with the terms of the Share Option Agreement. NC KMG and the Fund own 8.44% in North Caspian Operating Company (NCOC), which comprise 16.88% in total.
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About JSC National Company KazMunayGas:
JSC National Company KazMunayGas (NC KMG) is Kazakhstan's national operator for exploration, production, transportation and refinery of hydrocarbons. 90% of NC KMG shares are owned by JSC Samruk-Kazyna National Welfare Fund, and 10% are owned by the National Bank of the Republic of Kazakhstan.