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BG Group Completes Karachaganak Agreement With Kazakhstan

Date : 06/28/2012 @ 3:49AM
Source : Dow Jones News
Stock : Chevron Corp. (CVX)
Quote : 127.5  -1.95 (-1.51%) @ 12:44PM
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BG Group Completes Karachaganak Agreement With Kazakhstan

BG Group (LSE:BG.)
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LONDON--BG Group PLC (BG.LN), an integrated natural gas company, Thursday announced that its agreement with the Republic of Kazakhstan and the other contracting companies in the Karachaganak gas-condensate field in north-west Kazakhstan, which was signed in Dec. 2011, has been completed, meaning the company's interest in the project is cut to 29.25% from 32.5%.

MAIN FACTS:

-Under the terms of the deal, Republic has acquired a 10% interest in the Karachaganak Final Production Sharing Agreement (FPSA) for $2.0 billion cash and $1.0 billion non-cash consideration

-Tax of $1.0 billion is payable on the gain arising on the disposal.

-Republic's interest in the Karachaganak FPSA will be managed by the national oil company, KazMunaiGas (KMG).

-With this agreement in place the partnership can move forward with field development plans

-Shares at 0715 GMT up 11 pence, or 0.9%, at 1,267 pence valuing the company at GBP43 billion.

-Write to Ed Ballard at ed.ballard@dowjones.com



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