Financing Kazakh Oil

The KazMunayGaz Kazakh national oil and gas company will receive credit for nearly $300 million from two foreign institutions for the implementation of an investment programme for the period from 2004 to 2006, the Interfax-Kazakhstan news agency reported.

"BNP Paribas Suisse SA and Euromon Sa will allocate a credit worth up to $300 million to the KazMunayGaz national oil and gas company", the report said. "An agreement to this effect was signed between KazMunayGaz, its subsidiaries Ozenmunaygaz (Ozen oil and gas) and Embamunaygaz (Emba oil and gas) and the foreign credit institutions mentioned above," the report said, quoting the KazMunayGaz company's press service.

The total cost of KazMunayGaz's investment programme for 2004-2006 is at least $1.3 billion, the report said and added that the funds would be spent on exploratory projects in the Kazakh Caspian shelf as well.