KazMunayGas (KMG), Kazakhstan's state-owned oil and gas enterprise, addressed reports suggesting a potential sale of a 50% stake in the Atyrau Oil Refinery to China's Sinopec. In a statement released on June 29, KMG explicitly stated that it does not intend to sell a 50% stake in the Atyrau Oil Refinery to Sinopec.
The company emphasized that a recent visit by a Sinopec delegation to the refinery focused solely on exchanging operational efficiency strategies and recommendations.
According to KMG's press service, there were no discussions during the visit regarding the sale of any portion of the Atyrau Oil Refinery. The company further clarified that it has not received any formal requests or proposals from Sinopec regarding the purchase or valuation of a participating interest in the refinery.
Meanwhile, KazMunayGas reported robust financial results for 1Q24, with revenues amounting to KZT 2.2 trillion ($4.9 bn). This figure marks an 18% increase compared to KZT 1.9 trillion ($4.1 bn) reported in the same period last year. Despite a slight decrease in earnings before interest, taxes, depreciation, and amortization (EBITDA) from KZT 550 bn ($1.2 bn) in 1Q23 to KZT 548 bn ($1.2 bn) in 1Q24, KMG maintained solid financial performance.
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