Tuesday, 3 May 2011
Kazakhstan: Profits double for KMG
KMG, which owns a 62 per cent stake in its London listed affiliate KMG EP, also benefited from a rise in production from the Chevron-led Tengizchevroil joint venture, in which it holds a 20 per cent interest.
KMG, which has a very good credit rating and an unblemished repayment record, needs to raise billions of dollars in extra financing over the next four to five years to meet its cash calls for the Kashagan project, in which it holds an 18.6 per cent interest. The company is in the market for a $1 billion-plus loan that will refinance some of its existing debt.
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