KazMunaiGas Exploration Production (RDGZ), the London-listed unit of Kazakhstan’s state energy producer, sold its majority stake in a company that’s building a petrochemicals plant in the region of Atyrau.
KazMunaiGas EP sold a 51 percent interest in Kazakhstan Petrochemical Industries Inc. to state-owned United Chemical Co., according to a statement today. KazMunaiGas will receive a net gain of 4.86 billion tenge ($33 million) from the transaction, the company said.
Kazakhstan set up United Chemical in 2008 to lessen the economy’s reliance on exports of raw materials. An affiliate is overseeing the construction of a $6.3 billion gas chemicals complex to produce polypropylene and polyethylene, used to make plastics, according to the company’s website.
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