JSC Mangistaumunaigas borrowed $300 million credit line from the largest Bank of China, Industrial and Commercial Bank of China for a period of 3 years with a possible prolongation for another year, the company said on KASE.

 The agreement was signed by both sides on January 5. The interest rate is 3M Libor + 2.19% per annually. JSC Mangistaumunaigas is one of the largest oil companies in Kazakhstan. 99% of the shares of the company belong to Mangistau Investments B.V (owned by Kazakhstan national company KazMunaiGas and Chinese CNPC). The company owns 36 oil and gas fields, which 15 are in development.

Recall, in 1996, the company received a 25 years’ license from the government of Kazakhstan for extraction of hydrocarbon raw materials.

“The Qazaq Times”